Egyptian VC firm Algebra Ventures has announced the launch of its US$90 million second fund, which is targeting a first closing in Q3 of 2021 and aims to double down on the success of its first fund.
Four years into its first US$54 million fund, Algebra Ventures has invested in 21 startups, including Trella, elmenus, GoodsMart, and Halan, creating over 20,000 direct and indirect jobs. Its six most established companies are valued at over US$350 million.
The firm is now doubling down on its home market, while still opportunistically investing in the rest of the MEA region. It will continue to support founders who are transforming industries and addressing long-standing problems, and will also pursue co-investments with some of the strongest local, regional and international venture investors.
“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,” said Karim Hussein, managing partner at Algebra Ventures.
Algebra Ventures works closely with its portfolio companies, providing capital as well as assisting with strategy and operations. It has also 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.
The new fund will pursue opportunities in fintech, agri-tech, ed-tech, logistics and healthcare by partnering with high-potential founders to address specific market gaps in these sectors.
