Egypt’s Algebra Ventures Secures $15M from EBRD for New Fund
The 'Algbera Ventures II' fund will aim to make equity venture capital investments in early-stage tech companies
Algebra Ventures, an Egypt-based venture capital firm focused on investing in tech startups, has received a $15 million equity commitment from the European Bank for Reconstruction and Development (ERBD) for its second tech fund.
Announced in April 2021, the 'Algebra Ventures II' will aim to make equity venture capital investments in early-stage tech companies, with Algebra Ventures targeting a first closure of $60 million. On the other side of the equation, The commitment will be considered a part of ERBD's €100 million Early-Stage Innovation Facility, through which the bank invests in early-stage venture capital funds.
The fund comes just over four years after starting their first $54 million fund, which saw the firm invest in 21 startups and entrepreneurs, six of which are valued at over $350 million.
The launch of their latest fund also brought new blood into the company, with Laila Hassan and Omar Khashaba joining as General Partners of the fund. With extensive regional and international VC experience through her work at early-stage VC firm 500 startups, Hassan brings key knowledge of Egypt’s startup landscape to the team. Meanwhile, the appointment of Khashaba, who joined Algebra Ventures in 2018, comes after being credited as a major factor in helping Managing Partners, Tarek Assad and Karim Hussein, push Algebra as a regional leader.
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