Algebra Ventures, Egypt’s venture capital company, announced the launch of its $90 million second fund, which will invest in startups with an emphasis on Egypt as well as a MEA allocation.
Algebra Ventures plans to close the first round in the third quarter of 2021.
Algebra has invested in 21 startups and funded world-class entrepreneurs who are developing market-leading companies four years into its first $54 million investment.
The largest portfolio of Series A investments in Egypt, Algebra Projects, is gaining momentum.
Algebra’s six most developed companies are worth over $350 million and employ over 20,000 people directly and indirectly.
Algebra Ventures is doubling down on its home market while still opportunistically investing in the rest of the MEA region, based on its continued belief in Egyptian tech entrepreneurs.
The VC will continue to back entrepreneurs who are reshaping markets and solving long-standing challenges that only technology can solve.
Algebra will also seek co-investments with some of the best local, regional, and foreign venture capitalists who have been instrumental in its growth.
“Having founded a couple of successful technology companies in the US, I see tremendous opportunities for tech transformation in the Egyptian economy and continue to meet exceptional entrepreneurs who address these challenges,” Karim Hussein, Managing Partner at Algebra Ventures, said. The government’s major steps to promote the growth of tech-enabled businesses in Egypt also inspire me.”
Algebra Ventures works closely with its portfolio companies, providing funding, advising on strategy and operations, and assisting in the growth of star teams.
Furthermore, Algebra has assisted in the recruiting of a number of C-level executives for its portfolio companies and will continue to invest in expanding its talent pool to ensure that Algebra’s portfolio continues to attract the most talented and motivated individuals.
In addition, Algebra continues to build its team in order to support continued expansion and ensure that the fund’s vision is carried out by a talented and motivated team.
“I am grateful for the LPs of fund I, specifically EAEF, EBRD, and IFC, who helped us back when there was no venture capital to speak of in Egypt,” said Tarek Assaad, Managing Partner at Algebra Ventures.