Algebra Ventures announced the USD 40 mn first close of its new technology venture capital fund. “The fund will invest in up to 25 technology and technology-enabled start-ups in different areas including technology IP, fintech, industry platforms, e-commerce and consumer internet.” The investments will predominantly be in the range of USD 500,000 to USD 4 mn and Algebra Ventures plans to reach a final close of USD 50 mn. The fund is backed by Cisco Investments, the Egyptian American Enterprise Fund (EAEF), the EBRD, and IFC. Philippe Le Houérou, Executive Vice President and CEO of IFC, who attended the signing, said “by increasing access to capital, we can help these companies grow and create jobs. This investment shows how IFC, our development partners, and other private investors can come together to unlock the transformative potential of the private sector.”

The IFC also signed an agreement to inject USD 20 mn into Hassan Allam Holding, Al Borsa reports. At the signing, CEO Hassan Allam said that the company is planning to list on the EGX in three to four years. The bank has yet to decide which investment bank will manage the IPO, he added. EFG Hermes had been selected previous to manage the offering before it was postponed.