Tech in Africa
Egypt-based Algebra Ventures, the country’s biggest startup investor fund, has launched a $90M fund to invest in startups that focus on Egypt, the Middle East, and Africa. Algebra Ventures is looking to make its first close during Q3 of 2021.
Four years after securing a fund worth $54 million, Algebra has so far invested in 21 startups backed by world-class entrepreneurs involved in market-leading businesses. The VC firm boasts of having the largest Serie A portfolio in Egypt. Thus far Algebra’s impact in Egypt has created over 20,000 direct and indirect jobs while its six most established companies are currently valued at $350 million. Algebra’s Fund I was supported by IFC, EBRD, and EAEF.
Algebra will almost double its second investment fund as it continues to scout for opportunities. The VC will help support founders who are solving problems through technology. Algebra will continue pursuing investments with some of the strongest, local, regional, and international venture investors who have been instrumental to its overall success. Ticket sizes will vary from $500,000 to $2 million.
Karim Hussein is one of the Managing partners and has previously built successful tech companies in the United States. Tarek Assaad has over a decade worth of experience in venture capital.
Based in Cairo, Egypt, the new Algebra Ventures fund will focus on edutech, fintech, logistics, agritech, and healthcare by partnering with high-promising founders to address market gaps and needs.
Source press release at Wamda
