{"id":549911,"date":"2022-10-05T04:05:16","date_gmt":"2022-10-05T04:05:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/"},"modified":"2022-10-05T04:05:16","modified_gmt":"2022-10-05T04:05:16","slug":"algebra-ventures-nets-usd-100-mn-first-close-on-second-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/","title":{"rendered":"Algebra Ventures nets USD 100 mn first close on second fund"},"content":{"rendered":"

<\/a> Venture capital firm Algebra Ventures\u2019 second fund has reached a USD 100 <\/strong>mn first close, <\/strong>surpassing the USD 90 mn<\/a><\/strong> initially targeted<\/strong>, according to a company<\/a>statement<\/a>(pdf)<\/a>. The VC outfit plans to invest USD 15 mn in startups by the end of this year and to reach final close on the fund by the end of 1Q 2023, the statement reads.<\/p>\n

Who\u2019s in for the first close?<\/strong> The Egypt-dedicated fund was backed by international limited partners including the IFC, EBRD<\/a>, and EAEF (all of them LPs in Alegbra\u2019s first fund) as well as FMO<\/a>, BII<\/a>, MSMEDA<\/a>, DGGF<\/a> and regional family offices, which were all first time investors in Algebra.<\/p>\n

Wait, Enterprise \u2014 you told us that there\u2019s a slowdown in fundraising for venture and that VCs are going to have a tough year. <\/strong>Yep. They will. The exception: Folks like the gang at Algebra who are targeting LPs that include development finance institutions and Gulf family offices. DFIs, particularly those in Europe, have a clear mandate to invest in our part of the world \u2014 that hasn\u2019t changed despite turmoil on the continent and in the UK. And the Gulf has an additional USD 1.3 tn in excess liquidity sloshing<\/a> around over the next four years thanks to high oil prices, meaning they\u2019re going to be allocating to a wide range of assets for the foreseeable future.<\/p>\n

So where\u2019s Algebra investing? <\/strong>Algebra\u2019s managing partners told TechCrunch<\/a> that they hope to back 31 startups pursuing early-stage investment opportunities in sectors like fintech, agritech, edutech, logistics, e-commerce and healthcare. Ticket sizes for investments will range between USD 500k to USD 3 mn, Managing Partner Karim Hussein told us<\/a>last year<\/a>. The second fund has already backed Sylndr, a used-car retailer that raised USD 12.6 mn in a pre-seed round<\/a> in May, as well as three other startups. While the fund is focused on Egypt, it will also explore investment opportunities in East and West Africa.<\/p>\n

Refresher:<\/strong> Founded in 2016, Algebra backed some 21 startups with its inaugural USD 54 mn fund<\/a> as of last year, including bold-faced names such as Halan, Brimore, Trella, Khazna, Yodawy, Mozare3 and Shift EV. The VC firm\u2019s six most established companies were valued at more than USD 350 mn in 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 fund by the end of […]<\/p>\n","protected":false},"author":1,"featured_media":549912,"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":[398,72,95,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-algebra-ventures","tag-enterpriseam","tag-startup-watch","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"ad572a18-1de9-48e8-9fee-0f6063379974","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/138.jpg","photo_position":"above","related_issue":[549905],"teaser":"","voice_url":""},"yoast_head":"\nAlgebra Ventures nets USD 100 mn first close on second 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\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Algebra Ventures nets USD 100 mn first close on second fund\" \/>\n<meta property=\"og:description\" content=\"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). 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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":565825,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/06\/algebra-to-raise-usd-50-mn-in-first-close-of-second-fund\/","url_meta":{"origin":549911,"position":1},"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":561434,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/algebra-ventures-doubles-down-on-egypt-with-usd-90-mn-fund\/","url_meta":{"origin":549911,"position":2},"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":[]},{"id":553909,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/","url_meta":{"origin":549911,"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":568796,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/04\/egyptian-food-tech-startup-elmenus-raises-usd-8-mn-in-series-b-round\/","url_meta":{"origin":549911,"position":4},"title":"Egyptian food-tech startup Elmenus raises USD 8 mn in series B round","author":"enterpriseam admin","date":"4 February 2020","format":false,"excerpt":"STARTUP WATCH- Elmenus raises USD 8 mn in Algebra, Global Ventures-led series B funding round: Cairo-based food-tech startup Elmenus has raised USD 8 mn in a series B funding round led by our friends at Algebra Ventures and UAE-based venture capital fund Global Ventures, according to an emailed statement (pdf).\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":566759,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/12\/yodawy-lands-usd-7-5-mn-in-a-series-b-funding-round\/","url_meta":{"origin":549911,"position":5},"title":"Yodawy lands USD 7.5 mn in a series B funding round","author":"enterpriseam admin","date":"12 July 2021","format":false,"excerpt":"Yodawy raises USD 7.5 mn in a Algebra, MEVP, Global Ventures-led series B funding: Pharma platform Yodawy has landed USD 7.5 mn in a series B funding round led by Algebra Ventures, Beirut-based Middle East Venture Partners (MEVP) and UAE-based venture capital fund Global Ventures, according to an emailed statement\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-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\/549911","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=549911"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549911\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549905"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549912"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549911"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549911"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}