FMO, the Dutch entrepreneurial development bank, and Algebra Ventures, Egypt’s venture capital firm, signed a $10m commitment for the fund manager’s second fund.
Algebra Ventures’ second fund invests in technology start-ups in Egypt with an allocation for the wider Middle East and Africa region. In addition to FMO who is investing through the FMO Ventures Program, other investing partners include the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD).
“We are excited to partner with Algebra Ventures, one of the most deep-rooted and seasoned venture capital firms in Egypt. FMO believes regional investors like Algebra Ventures play an instrumental role in both the creation and maturing of markets. We look forward to continuing to support and learn from the flourishing Egyptian venture capital ecosystem,” Marieke Roestenberg, Head of the FMO Ventures Program, said.
The second fund will pursue early-stage investment opportunities in fintech, agritech, edtech, logistics, e-commerce and healthcare start-ups by partnering with high-potential founders to address specific market gaps in these sectors.
Read more: IFC invests $15m in Algebra Ventures to support Egyptian tech startups
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