Techawk

Entrepreneurship, Innovation and Startups News Hub

Algebra Ventures

Algebra Ventures Launches $90m Second Fund to Support Egyptian Tech Startups

Reading Time: 2 minutes

Algebra Ventures, Egypt’s leading VC firm, has announced the launch of its $90 million second fund to support tech startups in Egypt with an allocation for the MEA region. Algebra Ventures is targeting the first closing in Q3 of 2021. 

Four years into its first $54M fund, Algebra has invested in 21 startups and has backed world-class entrepreneurs who are building market-leading businesses.

This announcement by Algebra Ventures comes after another Egyptian venture capital firm, Sawari Ventures closed its fund at $71 million.

Algebra Ventures’ portfolio of Series A investments, the largest in Egypt, is achieving remarkable traction. Collectively creating over 20,000 direct and indirect jobs, Algebra’s six most established companies are valued at over $350M.   

Grounded in its continued belief in Egyptian tech entrepreneurs, Algebra Ventures is doubling down on its home market, while still opportunistically investing in the rest of the MEA region.

The VC will continue to support founders who are transforming industries and addressing long-standing problems that only technology can provide solutions for. Furthermore, Algebra will continue to pursue co-investments with some of the strongest local, regional and international venture investors who have been instrumental to its success.

Karim Hussein, Managing Partner at Algebra Ventures commented, “having built 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. I am also encouraged by the significant steps taken by the government to facilitate the growth of tech-enabled businesses in Egypt.”

Algebra Ventures works closely with its portfolio companies, providing capital, assisting with strategy and operations, as well as helping build portfolio star teams.

Moreover, Algebra has supported the hiring of a number of C-level executives for its portfolio companies and will continue to invest in growing its talent pool, ensuring that the most qualified and ambitious individuals continue to join Algebra’s portfolio. In addition, Algebra continues to expand its team to enable its continued growth and to ensure that the fund’s vision is executed by a talented and driven team.

Tarek Assaad, Managing Partner at Algebra Ventures commented, “I am grateful for the LPs of fund I, specifically EAEF, EBRD, and IFC who supported us back when there was no venture capital to speak of in Egypt. Over the ten years, I have worked in venture capital, I have witnessed the evolution of the tech entrepreneurship ecosystem in Egypt which has grown steadily over that period and exponentially in the past three years – vastly exceeding our expectations. Growth rates, capital deployed, the sophistication of investors, track record of entrepreneurs are all pointing to unparalleled growth moving forward.”

Algebra Ventures’ new fund will pursue opportunities in fintech, agritech, edutech, logistics and healthcare by partnering with high-potential founders to address specific market gaps in these sectors.

Follow me
Staffwriter at Techawkng.com
Digital Marketing Professional/Social Media Expert/Content Writer
Follow me
Jiji Nigeria
We would like to make you the first to get all our updates!    OK No thanks