Egypt-headquartered venture capital firm Algebra Ventures launched its $90m second fund on Tuesday with backing from limited partners including networking technology provider Cisco, according to TechCrunch.
European Commission, European Bank for Reconstruction and Development, Egyptian-American Enterprise Fund and International Finance Corporation are also among the LPs, as are undisclosed private family offices.
Algebra Ventures has not disclosed how much it has so far raised for the fund but it expects to reach a first close in the third quarter of 2021. It closed its first fund at $54m.
The firm will invest $500,000 to $2m per round and is targeting startups developing financial, agriculture, education, logistics and healthcare technology and which are located in Egypt as well as in the Middle East and Africa.
Tarek Assaad, managing partner at Algebra Ventures, said: “Over the 10 years I have worked in venture capital, I have witnessed the evolution of the tech entrepreneurship ecosystem in Egypt which has grown steadily over that period and exponentially in the past three years – vastly exceeding our expectations.
“Growth rates, capital deployed, sophistication of investors, track record of entrepreneurs are all pointing to unparalleled growth moving forward.”
