Algebra Ventures, Egypt’s leading venture capital firm, has completed a $100 million first close of its second Egypt-focused fund, exceeding the $90 million goal – its biggest to date.
The company has already invested in four startups as part of its second fund including online used-car retailer Sylndr and is set to invest $15 million in startups by the end of the year, is expecting to make its final close by the end of the first quarter of 2023.
The company’s second fund is backed by existing limited partnerships from the first fund including IFC, EBRD, and EAEF in addition to new investors like FMO, BII, MSMEDA, DGGF and regional family offices.
Founded in 2016 by Karim Hussein, Tarek Assaad and Ziad Mokhtar, Algebra Ventures has backed a number of startups like Trella, Khazna, Mozare3, Shift EV, elmenus, Halan, and Yodawy.
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.
Managing Partner Tarek Assaad said: “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. 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.”
General Partner Omar Khashaba said:” 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.”
While Algebra’s second fund will explore investment opportunities in East and West Africa, the main focus remains on Egypt.