Back to the complete issue
Thursday, 15 December 2016

Algebra Venture completes first closing of venture capital fund

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.