IFC today announced an investment in the second fund from Algebra Ventures to support tech startups with access to finance and drive innovation and job creation primarily in Egypt.
“We are delighted to see IFC return as a limited partner in our second fund, having invested in our first fund five years ago as well as directly into our portfolio. IFC has been one of our strongest partners since day one and believed in our vision when there was no venture capital to speak of in Egypt. We look forward to continuing to strengthen our partnership going forward,” said Tarek Assaad, Managing Partner at Algebra Ventures.
IFC’s $15 million investment in Algebra Fund II will help support the growth of roughly 20 technology startups, primarily in Egypt but also in Africa more broadly. The fund, which has a target size of $90 million, will have a special focus on women-led businesses and those serving rural communities.
“With its young, tech-savvy population and large market, Egypt’s entrepreneurs are perfectly poised to drive change in the country’s economy – with the right support. With this investment, we are helping to push the country’s startup scene forward and encourage innovation,” Yasmine El-Hini, IFC Egypt Country Officer and Acting Country Manager for Egypt and Libya, said.
The investment is part of IFC’s strategy to support Africa’s blossoming start-up and entrepreneurship ecosystem. Today’s announcement also marks IFC’s second investment in Algebra Ventures.
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