Algebra Ventures — Egypt’s leading venture capital fund — has finalised a $100m first close of its second Egypt-dedicated fund, exceeding the targeted $90m fund — its biggest to date.
Algebra has backed numerous exceptional businesses and category leaders, including Trella, Khazna, Mozare3, Shift EV, Elmenus, Halan, and Yodawy — all transformative companies with positive impact.
The fund also plans to invest $15m in start-ups by the end of 2022 within the first year of operation and is expecting to make the final close by the end of the first quarter (1Q) of 2023, continuing its legacy as a market pioneer.
Existing LPs from the first fund — including the IFC, EBRD, and EAEF — have invested larger tickets in Algebra’s second fund, while FMO, BII, the MSMEDA, DGGF, and regional family offices are new investors.
Algebra’s Managing Partners Tarek Assaad and Karim Hussein, as well as General Partners Laila Hassan and Omar Khashaba manage the fund and bring to Algebra their collective expertise in multi-stage investment, portfolio support, and a strong, ever expanding regional and international network.
The fund’s vision is to support and finance bold entrepreneurs that build innovative and scalable high-growth companies that will advance sustainable economic growth across Egypt.
“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,” said Assaad.
“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.”
“Over the last six years, we had the privilege of working with visionary founders who meaningfully improved the lives of hundreds of thousands of Egyptians. As we celebrate the launch of our second fund, we continue to stand firm in our conviction that Egypt is the land of opportunity and its founders the custodians of a long legacy of progress and innovation,” Khashaba added.
While Algebra’s second fund will explore investment opportunities in East and West Africa, the main focus remains Egypt.
Algebra has already invested in four start-ups as part of its second fund — including online used-car retailer Sylndr — and is finalising a few more promising investments.
