• Wednesday, 5 October 2022

    Algebra Ventures nets USD 100 mn first close on second fund

    Venture capital firm Algebra Ventures’ second fund has reached a USD 100 mn first close, surpassing the USD 90 mn initially targeted, according to a company statement (pdf). The VC outfit plans to invest USD 15 mn in startups by...
  • Sunday, 25 September 2022

    VC funding for Egyptian startups is drying up

    VC funding for startups dipped over the summer from the steady stream that has been typical of Planet Startup in recent years. The four-month period between June and August 2022 saw 12 rounds raise at least a combined USD 68.7...
  • Sunday, 24 July 2022

    Do Egyptian startups need to start tightening their belts?

    Startups globally are being urged to cut spending. What’s the advice for Egyptian startups? The pandemic era startup gravy train train is slowing down, with global VC funding plummeting 20% and 16.6% year-on-year in March and April. Consequently, VCs are...
  • Thursday, 21 July 2022

    FMO commits USD 10 mln to Algebra’s second tech fund

    Dutch development bank FMO has pledged USD 10 mn to Algebra Ventures’ second tech fund, the bank and our friends at Algebra said in separate statements (here and here, pdf). The money is coming from FMO’s EUR 200 mn investment...
  • Monday, 11 April 2022

    Algebra lands USD 15 mn from IFC for new fund

    The IFC has committed USD 15 mn to Algebra’s second tech fund: The International Finance Corporation (IFC) has confirmed that it will pour USD 15 mn into Algebra Ventures’ USD 90 mn second tech fund, it said in a statement....
  • Thursday, 7 April 2022

    Meet Aly Eltayeb, CEO of the startup that wants to transform our streets — and help save the environment in the process

    Electric mobility startup Shift EV has closed a total of USD 9 mn in funding, putting it on the road to transform the EV landscape not just in Egypt, but across emerging markets with home-grown battery technology. Cairo-based Shift’s Series...
  • Tuesday, 1 February 2022

    Brimore secures USD 25 mn in series A funding

    Social commerce startup Brimore has raised USD 25 mn in series A funding, the company announced in a statement (pdf) yesterday. The round was led by the International Finance Corporation and Silicon Valley VC Endure Capital, and featured participation from...
  • Sunday, 16 January 2022

    Orcas raises USD 2.1 mn pre-series A round

    EXCLUSIVE- Orcas raises USD 2.1 mn pre-series A round: Egyptian edtech startup Orcas raised USD 2.1 mn in a pre-series A round co-led by our friends at CIRA’s NFX Ventures, and Access Bridge Ventures, according to a statement (pdf). Algebra...
  • Monday, 13 December 2021

    Algebra Ventures Fund II locks USD 15 mn from EBRD

    The European Bank for Reconstruction and Development (EBRD) has approved a USD 15 mn equity commitment to Algebra Ventures’ second tech fund, according to the bank’s website. The respected Egyptian venture capital firm is targeting a USD 60 mn first...

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