{"id":556148,"date":"2021-10-13T04:03:08","date_gmt":"2021-10-13T04:03:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/ifc-ebrd-to-invest-in-algebras-second-fund\/"},"modified":"2021-10-13T04:03:08","modified_gmt":"2021-10-13T04:03:08","slug":"ifc-ebrd-to-invest-in-algebras-second-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/ifc-ebrd-to-invest-in-algebras-second-fund\/","title":{"rendered":"IFC, EBRD to invest in Algebra\u2019s second fund"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>IFC, EBRD are getting in on first close of Algebra\u2019s second fund:<\/strong> 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 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b05a266-cfd0-4843-a495-2434a6187cd1\">USD 90 mn<\/a> second tech fund, <a href=\"https:\/\/algebraventures.com\/\">Algebra Ventures<\/a> Managing Partner Tarek Assaad <a href=\"https:\/\/bit.ly\/3mGTjDo\">tells Al Mal<\/a>. Algebra now intends to raise USD 60 mn in the first close before the year is out, Assaad reportedly said. The VC fund had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/07283f28-8615-47ee-9d97-9f4dd4a28850\">said earlier this year<\/a> it plans to raise USD 50 mn in 3Q2021. (Editor\u2019s note: Tarek: Give us a call so we can pile into the story, man, okay?)<\/p>\n<p><strong>Background:<\/strong> Algebra\u2019s inaugural Egypt-focused fund closed four years ago at USD 54 mn. The new fund could make select investments elsewhere on the continent. Algebra tapped Laila Hassan and Omar Khashaba as general partners <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b7bcdf3-66c8-451e-94b2-35d5ad74dad4\">earlier this year<\/a>, and Khashaba <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2523407a-45ff-43de-a293-8c471fa537b5\">gave us the rundown on the firm\u2019s second fund<\/a> back in July.<\/p>\n<p><strong>ELSEWHERE- Kenya\u2019s Sendy looking at USD 100 mn African expansion that includes <\/strong><strong>us:<\/strong> Nairobi-based delivery service <a href=\"https:\/\/www.sendyit.com\/?utm_term=&utm_campaign=EBU_Search+campaign_lead+generation&utm_source=adwords&utm_medium=ppc&hsa_acc=3722946388&hsa_cam=9974945425&hsa_grp=119162582067&hsa_ad=490928912078&hsa_src=g&hsa_tgt=dsa-1127507599372&hsa_kw=&hsa_mt=b&hsa_net=adwords&hsa_ver=3&gclid=Cj0KCQjw-4SLBhCVARIsACrhWLXP8GqPk5hJqrv4XiR6024dj2BV-opb6dtS8RvHnOG0BLCp5HuUhH8aApw8EALw_wcB\">Sendy<\/a> is looking to raise USD 100 mn by 2022 to finance the company\u2019s expansion to new markets including Egypt, Nigeria, Ghana and South Africa, co-founder Malaika Judd told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-06\/kenyan-startup-seeks-to-raise-100-million-for-africa-expansion?sref=mmeFTDW1\">Bloomberg<\/a> last week. Judd did not provide further details on how these investments might be divided among markets. Sendy arranges door-to-door delivery between businesses and individuals on its platform.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 Al Mal. Algebra now intends [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[3271,2020,72,7111,125],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556148","post","type-post","status-publish","format-standard","hentry","category-investment-watch","tag-cdc-group","tag-dp-world","tag-enterpriseam","tag-infrastructure","tag-investment-watch","wpautop","entry"],"acf":{"mongo_id":"8721ee5c-5e3d-42d6-aca7-715dd16fe73d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556140],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IFC, EBRD to invest in Algebra\u2019s 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\/2021\/10\/13\/ifc-ebrd-to-invest-in-algebras-second-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFC, EBRD to invest in Algebra\u2019s second fund\" \/>\n<meta property=\"og:description\" content=\"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 Al Mal. 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The remaining\u2026","rel":"","context":"In &quot;SPEED ROUND: INVESTMENT WATCH&quot;","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":545754,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/algebra-lands-usd-15-mn-from-ifc-for-new-fund\/","url_meta":{"origin":556148,"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 &quot;Startup watch&quot;","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":547992,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/fmo-commits-usd-10-mln-to-algebras-second-tech-fund\/","url_meta":{"origin":556148,"position":2},"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 &quot;Investment Watch&quot;","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":549911,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/","url_meta":{"origin":556148,"position":3},"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 &quot;Startup watch&quot;","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":672497,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/25\/avanz-capital-backs-algebra-ventures-fund-ii\/","url_meta":{"origin":556148,"position":4},"title":"Avanz Capital backs Algebra Ventures\u2019 Fund II","author":"enterpriseam admin","date":"25 September 2025","format":false,"excerpt":"The move marks \u201cone of the first secondary LP investments in Egypt\u201d","rel":"","context":"In &quot;Finance&quot;","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/9\/1509.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":556148,"position":5},"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 &quot;Investment Watch&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556148","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=556148"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556148\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556140"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556148"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556148"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}