{"id":545754,"date":"2022-04-11T04:01:23","date_gmt":"2022-04-11T04:01:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/algebra-lands-usd-15-mn-from-ifc-for-new-fund\/"},"modified":"2022-04-11T04:01:23","modified_gmt":"2022-04-11T04:01:23","slug":"algebra-lands-usd-15-mn-from-ifc-for-new-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/algebra-lands-usd-15-mn-from-ifc-for-new-fund\/","title":{"rendered":"Algebra lands USD 15 mn from IFC for new fund"},"content":{"rendered":"

<\/a> The IFC has committed USD 15 mn to Algebra\u2019s second tech fund:<\/strong> The International Finance Corporation (IFC) has confirmed that it will pour USD 15 mn into Algebra Ventures\u2019 USD 90 mn<\/a> second tech fund, it said in a statement<\/a>. The investment was approved by the international lender\u2019s board in December, according to a disclosure<\/a>.<\/p>\n

The new fund will target investments in some 20 African tech startups<\/strong>, with a focus on Egypt, the statement read.<\/p>\n

More where that came from? <\/strong>The agreement includes \u201ca separate co-investment envelope of up to USD 15 mn,\u201d according to the IFC disclosure.<\/p>\n

Who else is on board? <\/strong>The European Bank for Reconstruction and Development (EBRD) is also committing USD 15 mn to the fund<\/a>. Algebra is raising funds from a who\u2019s who of limited partners thanks to the success of its first USD 54 mn fund, in which the IFC invested USD 10 mn<\/a> back in 2016.<\/p>\n

Ventures II: <\/strong>Announced in April last year<\/a>, Algebra said the new fund would eventually be worth USD 90 mn and make equity venture capital investments in early-stage tech companies. Algebra partner Omar Khashaba previously told us<\/a> that the VC\u2019s second fund will focus on Egypt with some allocations for sub-Saharan Africa.<\/p>\n

This marks the IFC\u2019s third investment in Egypt in recent months: <\/strong>The lender poured USD 20 mn<\/a> into private equity firm Ezdehar\u2019s first close of its Mid-Cap Fund II (EMF II), and directly invested USD 5 mn<\/a> in Algebra-backed social commerce startup Brimore<\/a>.<\/p>\n

The IFC likes the local startup scene:<\/strong> \u201cWith its young, tech-savvy population and large market, Egypt's entrepreneurs are perfectly poised to drive change in the country's economy \u2014 with the right support,\u201d said IFC Egypt Country Officer Yasmine El-Hini. Catch our recent Morning Routine interview with El Hini here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The IFC has committed USD 15 mn to Algebra\u2019s second tech fund: The International Finance Corporation (IFC) has confirmed that it will pour USD 15 mn into Algebra Ventures\u2019 USD 90 mn second tech fund, it said in a statement. The investment was approved by the international lender\u2019s board in December, according to a disclosure. […]<\/p>\n","protected":false},"author":1,"featured_media":545755,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[398,72,759,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-algebra-ventures","tag-enterpriseam","tag-international-finance-corporation","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"8954b8ca-bfc6-4e9c-a730-6d5ae54e3ccc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/198.jpg","photo_position":"above","related_issue":[545744],"teaser":"","voice_url":""},"yoast_head":"\nAlgebra lands USD 15 mn from IFC for new fund - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/algebra-lands-usd-15-mn-from-ifc-for-new-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Algebra lands USD 15 mn from IFC for new fund\" \/>\n<meta property=\"og:description\" content=\"The IFC has committed USD 15 mn to Algebra\u2019s second tech fund: The International Finance Corporation (IFC) has confirmed that it will pour USD 15 mn into Algebra Ventures\u2019 USD 90 mn second tech fund, it said in a statement. 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The remaining\u2026","rel":"","context":"In "SPEED ROUND: INVESTMENT WATCH"","block_context":{"text":"SPEED ROUND: INVESTMENT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556148,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/ifc-ebrd-to-invest-in-algebras-second-fund\/","url_meta":{"origin":545754,"position":1},"title":"IFC, EBRD to invest in Algebra\u2019s second fund","author":"enterpriseam admin","date":"13 October 2021","format":false,"excerpt":"IFC, EBRD are getting in on first close of Algebra\u2019s 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\u2019 USD 90 mn second tech fund, Algebra Ventures Managing Partner Tarek Assaad tells\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549911,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/","url_meta":{"origin":545754,"position":2},"title":"Algebra Ventures nets USD 100 mn first close on second fund","author":"enterpriseam admin","date":"5 October 2022","format":false,"excerpt":"Venture capital firm Algebra Ventures\u2019 second fund has reached a USD 100 mn first close, surpassing the USD 90 mn initially targeted, according to a companystatement(pdf). The VC outfit plans to invest USD 15 mn in startups by the end of this year and to reach final close on the\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553909,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/","url_meta":{"origin":545754,"position":3},"title":"Algebra Ventures Fund II locks USD 15 mn from EBRD","author":"enterpriseam admin","date":"13 December 2021","format":false,"excerpt":"The European Bank for Reconstruction and Development (EBRD) has approved a USD 15 mn equity commitment to Algebra Ventures\u2019 second tech fund, according to the bank\u2019s website. The respected Egyptian venture capital firm is targeting a USD 60 mn first close for its latest fund, which was initially targeted for\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/318.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547992,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/fmo-commits-usd-10-mln-to-algebras-second-tech-fund\/","url_meta":{"origin":545754,"position":4},"title":"FMO commits USD 10 mln to Algebra\u2019s second tech fund","author":"enterpriseam admin","date":"21 July 2022","format":false,"excerpt":"Dutch development bank FMO has pledged USD 10 mn to Algebra Ventures\u2019 second tech fund, the bank and our friends at Algebra said in separate statements (here and here, pdf). The money is coming from FMO\u2019s EUR 200 mn investment program, which is co-financed by the Dutch foreign ministry and\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561434,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/algebra-ventures-doubles-down-on-egypt-with-usd-90-mn-fund\/","url_meta":{"origin":545754,"position":5},"title":"Algebra Ventures doubles down on Egypt with USD 90 mn fund","author":"enterpriseam admin","date":"7 April 2021","format":false,"excerpt":"Algebra launches USD 90 mn tech fund: Algebra Ventures has launched a second tech fund that will invest USD 90 mn into companies based in Egypt and the Middle East and Africa region, the VC outfit announced in a press release (pdf) yesterday. The company is \u201cdoubling down\u201d on its\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545754"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545754\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545744"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545755"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545754"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545754"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}