The second Egypt-focused fund from Algebra Ventures, a venture capital firm, has closed with a first close of $100 million.
By the conclusion of its first full year of operation, Algebra intends to have invested $15 million in startups and is targeting a final close at the end of the first quarter of 2023.
Current limited partners from the previous fund, such as IFC, EBRD, and EAEF, have made higher ticket investments in Algebra’s second fund, while new investors such as FMO, BII, MSMEDA, DGGF, and regional family offices have joined the Algebra family.
“Algebra’s investors were among the first believers in the potential of the Egyptian VC market, having invested in our first fund six years ago when there was almost no venture capital to speak of in Egypt. We’re delighted to continue working with returning investors as well as our new LPs who are supporting Algebra’s local and regional growth plans. We have learned from experience that technological innovation, especially in turbulent times, has tremendous potential to change people’s lives and create significant economic value. This is a great time to build companies,” Tarek Assaad, Managing Partner at Algebra Ventures, said.
The fund’s goal is to back risk-taking business owners who create high-growth businesses that are both unique and scalable for the benefit of Egypt’s economy.
Managing partners Tarek Assaad and Karim Hussein and general partners Laila Hassan and Omar Khashaba run Algebra.
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Among the four firms in which Algebra has already invested from its second fund is the online used-car reseller Sylndr. Former portfolio companies of Algebra include Trella, Khazna, Mozare3, Shift EV, elmenus, Halan, and Yodawy, all of which are either market leaders or innovative startups.
Algebra Ventures startups Algebra Ventures startups
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