IFC, EBRD to invest in Algebra’s second fund
IFC, EBRD are getting in on first close of Algebra’s second fund: The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) are set to participate in the first close of Algebra Ventures’ USD 90 mn second tech fund, Algebra Ventures Managing Partner Tarek Assaad tells Al Mal. Algebra now intends to raise USD 60 mn in the first close before the year is out, Assaad reportedly said. The VC fund had said earlier this year it plans to raise USD 50 mn in 3Q2021. (Editor’s note: Tarek: Give us a call so we can pile into the story, man, okay?)
Background: Algebra’s inaugural Egypt-focused fund closed four years ago at USD 54 mn. The new fund could make select investments elsewhere on the continent. Algebra tapped Laila Hassan and Omar Khashaba as general partners earlier this year, and Khashaba gave us the rundown on the firm’s second fund back in July.
ELSEWHERE- Kenya’s Sendy looking at USD 100 mn African expansion that includes us: Nairobi-based delivery service Sendy is looking to raise USD 100 mn by 2022 to finance the company’s expansion to new markets including Egypt, Nigeria, Ghana and South Africa, co-founder Malaika Judd told Bloomberg last week. Judd did not provide further details on how these investments might be divided among markets. Sendy arranges door-to-door delivery between businesses and individuals on its platform.