Algebra Ventures, a leading venture capital firm focused on the Middle East and North Africa (MENA) region, has successfully closed the first tranche of its second fund, surpassing its initial target of $90 million. The fund has garnered strong support from a diverse range of investors, including the International Finance Corporation (IFC), the Dutch Development Bank (FMO), and British International Investment (BII).
This significant milestone underscores the growing confidence in the MENA region’s burgeoning tech ecosystem. Despite global economic uncertainties, Algebra Ventures has attracted substantial capital, demonstrating the strong investment potential of innovative startups in the region.
The firm will continue to focus its investments primarily on Egyptian startups while exploring opportunities in other parts of Africa. Algebra Ventures plans to invest in high-growth companies across various sectors, providing early-stage funding ranging from $500,000 to $2 million.
Karim Hussein, Managing Partner at Algebra Ventures, expressed his enthusiasm for the fund’s success, stating, “This achievement validates the immense potential of tech entrepreneurship in Egypt.” He emphasized that despite challenging economic conditions, there remains a strong demand for capital to support innovative companies that are poised to become market leaders.
Algebra Ventures’ second fund is expected to reach its final close by the first quarter of 2023. The firm will leverage this significant capital to continue supporting promising startups and fostering the growth of the MENA tech ecosystem.
