Algebra Ventures Fund II locks USD 15 mn from EBRD
The European Bank for Reconstruction and Development (EBRD) has approved a USD 15 mn equity commitment to Algebra Ventures’ second tech fund, according to the bank’s website. The respected Egyptian venture capital firm is targeting a USD 60 mn first close for its latest fund, which was initially targeted for 3Q2021.
Who else is on board? The International Finance Corporation could contribute up to USD 15 mn to the fund, which according to its website is awaiting board approval. Algebra is raising funds from a who’s who of limited partners thanks to the success of its first fund.
Ventures II: Announced in April, Algebra Ventures said the new fund would eventually be worth USD 90 mn and make equity venture capital investments in early-stage tech companies. Earlier this year, Algebra partner Omar Khashaba told us that the VC’s second fund will focus on Egypt with some allocations for sub-Saharan Africa.