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STARTUPS-
Homegrown Algebra Ventures invests in Morocco’s YoLa Fresh: Cairo-based VC firm Algebra Ventures participated in a pre-Series A funding round for YoLa Fresh, helping the Moroccan agritech startup raise USD 7 mn, according to a statement (pdf). The round was led by Al Mada Ventures and with participation from E3 Capital, Janngo Capital, and the Dutch entrepreneurial development bank FMO. YoLa will use the funding to expand its logistics network and introduce more farmers to its platform.
The VC has been doing a lot of investing: Algebra Ventures invested over 10 mn in ten companies in 2023 and plans to invest another USD 20 mn this year.
Want more about what’s in the pipeline for Algebra? We had coffee with Karim Hussein, managing partner of Algebra Ventures to discuss how the VC has been handling economic headwinds, what it looks for in startups, and what Algebra has planned for the coming period.
ENERGY-
Taqa Arabia subsidiary to supply Elsewedy Industrial City with LNG in Tanzania: Taqa Arabia subsidiary and Egypt-based LNG-focused energy companyRosetta for Energy Solutions will provide Elsewedy Industrial Development’s Elsewedy Industrial City in Tanzania with LNG under a recently inked MoU, according to a joint statement (pdf). The agreement will see Rosetta send LNG by truck in specialized containers from a small-scale liquefaction facility in Dar es Salaam to the industrial park some 100 km away, where it will be regasified for use.
PHARMA-
Pharma cooperation with Cuba: Egypt and Cuba will work to strengthen cooperation in the fields of pharma and biotechnology under an MoU inked between the Arab Company for Drug Industries and Medical Appliances (ACDIMA) and Cuba-based pharma company BioCubaFarma, according to a statement.
