The International Finance Corporation (IFC) appears to have turned its attention on the tech startup ecosystem in Egypt. Barely a month after investing $15m in Egypt-based Disruptech Ventures as well as backing the country’s ecommerce startup, Brimore, in a $25 million Series A investment round, the corporation has returned to announce its investment in the second fund of Egypt-based based Algebra Ventures to support tech startups with access to finance and drive innovation and job creation primarily in Egypt.
“We are delighted to see IFC return as a limited partner in our second fund, having invested in our first fund five years ago as well as directly into our portfolio. IFC has been one of our strongest partners since day one and believed in our vision when there was no venture capital to speak of in Egypt. We look forward to continuing to strengthen our partnership going forward,” said Tarek Assaad, Managing Partner at Algebra Ventures.
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The IFC’s $15 million investment in Algebra Fund II will aid in the expansion of approximately 20 digital businesses, particularly in Egypt but also throughout Africa. The initiative, which aims to raise $90 million, would prioritize women-led enterprises and those supporting rural communities.
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“With its young, tech-savvy population and large market, Egypt’s entrepreneurs are perfectly poised to drive change in the country’s economy — with the right support. With this investment, we are helping to push the country’s startup scene forward and encourage innovation,” Yasmine El-Hini, IFC Egypt Country Officer and Acting Country Manager for Egypt and Libya, said.
IFC Egypt tech IFC Egypt tech
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh