{"id":547992,"date":"2022-07-21T04:00:24","date_gmt":"2022-07-21T04:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/fmo-commits-usd-10-mln-to-algebras-second-tech-fund\/"},"modified":"2022-07-21T04:00:24","modified_gmt":"2022-07-21T04:00:24","slug":"fmo-commits-usd-10-mln-to-algebras-second-tech-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/fmo-commits-usd-10-mln-to-algebras-second-tech-fund\/","title":{"rendered":"FMO commits USD 10 mln to Algebra\u2019s second tech fund"},"content":{"rendered":"

<\/a> Dutch development bank FMO has pledged USD 10 mn to Algebra Ventures\u2019 <\/strong>second tech fund<\/strong>, the bank and our friends at Algebra said in separate statements (here<\/a> and here, pdf<\/a>). The money is coming from FMO\u2019s EUR 200 mn investment program, which is co-financed by the Dutch foreign ministry and the European Commission.<\/p>\n

Algebra Ventures II: <\/strong>Launched<\/a> in April 2021, the fund will focus on Egyptian startups \u201cwith an allocation for the wider Middle East and Africa region,\u201d according to Algebra\u2019s statement. It will pursue early-stage investment opportunities, particularly in fintech, agritech, edutech, logistics, e-commerce and healthcare. Algebra has said the fund will eventually be worth USD 90 mn.<\/p>\n

Development finance institutions (DFIs to insiders) like Algebra:<\/strong> FMO joins the International Finance Corporation, which signed on in April<\/a> for USD 15 mn, matching an earlier commitment<\/a>from the European Bank for Reconstruction and Development (EBRD). The Egyptian American Enterprise Fund and Cisco Investments were also limited partners in Algebra\u2019s first fund<\/a>.<\/p>\n

FMO is no stranger to the region\u2019s tech scene <\/strong>and has invested in local fintechs Paymob and Dopay as well as Jordan-based SME fintech Liwwa in recent years. \u200b\u200b\u201d[The investment] aligns with the bank\u2019s ambition to enable innovative business models for impact across Africa, the Middle East and parts of Asia,\u201d FMO said in its statement. FMO has also invested in refining<\/a> and solar power<\/a> assets, among others, in Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 the European Commission. Algebra Ventures […]<\/p>\n","protected":false},"author":1,"featured_media":547993,"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":[7272],"tags":[398,72,761,759,125,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-algebra-ventures","tag-enterpriseam","tag-fmo","tag-international-finance-corporation","tag-investment-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"d0720fae-135b-4938-ab41-b56e06889279","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/222.jpg","photo_position":"above","related_issue":[547983],"teaser":"","voice_url":""},"yoast_head":"\nFMO commits USD 10 mln to Algebra\u2019s second tech 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\/07\/21\/fmo-commits-usd-10-mln-to-algebras-second-tech-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FMO commits USD 10 mln to Algebra\u2019s second tech fund\" \/>\n<meta property=\"og:description\" content=\"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). 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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":545754,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/algebra-lands-usd-15-mn-from-ifc-for-new-fund\/","url_meta":{"origin":547992,"position":1},"title":"Algebra lands USD 15 mn from IFC for new fund","author":"enterpriseam admin","date":"11 April 2022","format":false,"excerpt":"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\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\/4\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","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":547992,"position":2},"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":565825,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/06\/algebra-to-raise-usd-50-mn-in-first-close-of-second-fund\/","url_meta":{"origin":547992,"position":3},"title":"Algebra to raise USD 50 mn in first close of second fund","author":"enterpriseam admin","date":"6 May 2021","format":false,"excerpt":"Algebra Ventures is looking to raise USD 50 mn in 3Q2021 for the first close of its recently announced USD 90 mn tech fund, managing partner Tarek Assaad told Al Mal. 80% of it will be invested in Egypt, with a focus on fintech, agritech, logistics and healthcare. 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":598916,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/orcas-raises-usd-500k-in-algebra-led-pre-series-a-funding-round\/","url_meta":{"origin":547992,"position":4},"title":"Orcas raises USD 500k in Algebra-led pre-Series A funding round","author":"enterpriseam admin","date":"12 June 2019","format":false,"excerpt":"INVESTMENT WATCH- Orcas raises USD 500k in Algebra-led pre-Series A funding round: Egyptian edtech startup Orcas has raised USD 500,000 in a pre-Series A funding round led by our friends at Algebra Ventures, the company announced in a statement (pdf). San Francisco-based VC fund NFX Capital participated in the funding\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":547992,"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\/547992","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=547992"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547992\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547993"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547992"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547992"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}