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Friday, 3 June 2016

Egypt VC close to launching USD 50 mn fund Algebra Capital

Ideavelopers principal Ziad Mokhtar raises USD 40 mn of USD 50 mn Egypt venture capital fund Algebra Capital: Ziad Mokhtar, a principal at Ideavelopers, the venture capital arm of EFG Hermes, has so far raised USD 40 mn of a USD 50 mn venture capital venture fund named Algebra Capital, according to his comments at the Road to Global Entrepreneurship Summit on Wednesday, Wamda reports. The fund will target Series A and B investments in technology startups in Egypt, with an aim of closing the first investments in August of this year. About a quarter of the funds raised raised have reportedly come from the Egyptian American Enterprise fund, and should not be confused with Ideavelopers’ own USD 50 mn in capital, all of which has been invested.

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