The European Bank for Reconstruction and Development (ERBD) has committed $15 million to Algebra Ventures ’ second tech fund, which is based in Egypt and focuses on investing in technology firms.

The ‘Algebra Ventures II’ fund, which was announced in April 2021, will aim to make equity venture capital investments in early-stage tech businesses, with a first close of $60 million. The pledge, on the other hand, will be part of ERBD’s €100 million Early-Stage Innovation Facility, which allows the bank to engage in early-stage venture capital firms.

The fund was launched just over four years after the firm launched its initial $54 million fund, which saw the firm invest in 21 startups and entrepreneurs, six of which are worth more than $350 million.

Read also Egypt’s Algebra Ventures Expands to West, East Africa

Laila Hassan and Omar Khashaba joined the organization as General Partners of their latest fund, which was launched earlier this year. Hassan contributes significant understanding of Egypt’s startup scene to the team thanks to her work at early-stage VC company 500 startups, where she gained extensive regional and worldwide VC experience. Meanwhile, Khashaba’s appointment comes after he was credited with assisting Algebra Ventures’ Managing Partners, Tarek Assad and Karim Hussein, position the company as a regional leader.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer