Algebra Ventures, a venture capital firm, finalized a $100m first close of its second Egypt-dedicated fund.

Algebra plans to invest $15M in startups by the end of 2022, within the first year of operation, and is expecting to make the final close by the end of Q1 2023.

Algebra’s second fund is supported by existing limited partners from the first fund including IFC, EBRD, and EAEF have invested larger tickets in Algebra’s second fund, while FMO, BII, MSMEDA, DGGF, and regional family offices are new investors in Algebra.

“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,” Tarek Assaad, Managing Partner at Algebra Ventures, said.

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 managing partners are Tarek Assaad and Karim Hussein and the general partners are Laila Hassan and Omar Khashaba.

Algebra has already invested in four startups as part of its second fund including online used-car retailer Sylndr and is finalizing a few other investments. Algebra has previously invested in startups and category leaders including Trella, Khazna, Mozare3, Shift EV, elmenus, Halan, and Yodawy.