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Thursday, 6 May 2021

Algebra to raise USD 50 mn in first close of second fund

Algebra Ventures is looking to raise USD 50 mn in 3Q2021 for the first close of its recently announced USD 90 mn tech fund, managing partner Tarek Assaad told Al Mal. 80% of it will be invested in Egypt, with a focus on fintech, agritech, logistics and healthcare. The remaining 20% will be directed at MENA based startups. A second close of USD 40 mn is expected to take place 6-12 months after the first, Assaad said.

This is the company’s second fund, with ticket sizes ranging between USD 500k to USD 3 mn, depending on the stage of the startup. Potential limited partners (LPs) are development finance institutions and a few family offices, Algebra tells us.

Algebra Ventures’ inaugural fund was valued at USD 54 mn for 21 companies, with LPs comprising the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), Cisco and the Egyptian-American Enterprise Fund (EAEF). The six most established startups in its portfolio are now valued at more than USD 350 mn.

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.

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