Egyptian venture capital (VC) fund manager Algebra Ventures has announced a $100 million first close of its second fund focused on Egyptian startups.
The money raised exceeded the $90 million target and included several of the limited partners that participated in the firm’s first fund.
The firm plans to raise another $15 million before the year-end and expects to make its final close in Q1 2023.
The fund will be managed by managing partners Tarek Assaad and Karim Hussein, as well as general partners Laila Hassan and Omar Khashaba.
While the main focus will be on Egyptian companies, the fund will also explore investment opportunities in East and West Africa.
“We have learned from experience that technological innovation — especially in turbulent times — has tremendous potential to change people’s lives and create significant economic value,” said Assaad. “This is a great time to build companies.”
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