{"id":620791,"date":"2024-05-27T00:00:00","date_gmt":"2024-05-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/coffee-with-karim-hussein-managing-partner-of-algebra-ventures\/"},"modified":"2024-05-27T00:00:00","modified_gmt":"2024-05-27T00:00:00","slug":"coffee-with-karim-hussein-managing-partner-of-algebra-ventures","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/coffee-with-karim-hussein-managing-partner-of-algebra-ventures\/","title":{"rendered":"Coffee With: Karim Hussein, managing partner of Algebra Ventures"},"content":{"rendered":"

Coffee With: Karim Hussein, managing par<\/strong>tner of <\/strong>Algebra Ventures: <\/strong>The home-grown tech-focused VC outfit Algebra Ventures<\/a> has become an important part of the local startup scene and increasingly in the Middle East and Africa after raising USD 54 mn in 2016 and a further USD 100 mn in 2022. Algebra has invested in and supported many now-household names, including Elmenus, Sakneen, Trella, Yodawy, ShiftEV, Khazna, and MNT Halan.<\/p>\n

We sat down with Algebra Ventures managing partner, Karim Hussein (<\/strong>LinkedIn<\/a><\/strong>) to<\/strong> discuss how the VC has been <\/strong>handling <\/strong>economic headwinds<\/strong>, what it looks for in startups, and what Algebra has planned for the coming period.<\/p>\n

Enterprise: It has been one and half years since your second fund\u2019s<\/strong>USD 100 mn close<\/a><\/strong>,<\/strong> what have you been up to?<\/strong><\/p>\n

Karim Hussein: Obviously, last year was a difficult year for many startups around the<\/strong> world<\/strong> and we've been really working hard to fill the funding gap in these challenging times when most international investors were not investing in Egypt. So, we have been working to support our founders, making sure that they have sufficient funds to continue in these difficult times.<\/p>\n

We've also been doing a lot more to support our companies in terms of talent<\/strong> acquisit<\/strong>ion<\/strong>. It's always difficult to find the right talent to build up teams, so this is something we work very hard on to help with \u2014 you know, a startup or any technology company is all about the team. We're always looking to make sure that the teams are well-rounded and have all the different capabilities in place to ensure success of the project. <\/p>\n

E: How much have you invested since then? <\/strong><\/p>\n

KH: We invested over USD 10 mn in ten companies in 2023<\/strong>, three of them were previously announced: Sylndr, Mtor<\/a>, and DXWand<\/a>. Our fund is focused on Egypt, but we are also looking at Morocco, Kenya, and Nigeria, where we see untapped potential and possible cross-market synergies.<\/p>\n

And we plan to invest another USD 20 mn this year. <\/strong>We have a very strong pipeline of interesting businesses.<\/p>\n

E: How have you handled recent challenges facing the startup scene?<\/strong><\/p>\n

KH: Last year, we were sort of the only ones investing in startups.<\/strong> We had a view on what the true value of the businesses were because we operate in Egypt and we understand the market. For an international investor, that\u2019s too much risk. We are hopeful that there will be more investment this year from both ourselves and from other regional and international funds \u2014 and we're already starting to see those transactions coming through.<\/p>\n

I think it's taking a while for many startup founders to understand that the valuations are<\/strong> different now than they were before<\/strong>. Interest rates have gone up<\/a>, which means there's no more low-cost financing. So, the valuations of companies across the globe, particularly in the technology sector, have gone down significantly.<\/p>\n

E: Do you still see us in a down round era for sometime? <\/strong><\/p>\n

KH: It\u2019s not a down round era, it\u2019s a revaluation based on the macroeconomic environment<\/strong>, whether it\u2019s interest rates across the globe, whether it\u2019s the valuation of EGP and inflation in the market. Prices go up and down, and it doesn\u2019t have to be because of issues within the company. <\/p>\n

Many had to take flat rounds or down rounds.<\/strong> Taking it down is actually a good thing. It's not an indication of failure. It's an indication of a new environment. It\u2019s a refined expectation with more transparency and a more realistic valuation. Companies don't have to feel the pressure to grow exceedingly fast. <\/p>\n

It's an important process to reset expectations<\/strong> and bring in new investors that can carry startups forward. It\u2019s important to really be focused on the fundamentals of the business, make sure that every USD spent is spent towards improving profitability, improving the customer base, and that there is no waste in the process.<\/p>\n

E: How has the float of the EGP affected the local startup scene?<\/strong><\/p>\n

KH: One of the reasons that there were so few international investors here <\/strong>last<\/strong> year was<\/strong> because they had a very difficult time valuing a business<\/strong>, there was no real price for the EGP. In the past, there was very little FDI in any field, but now the gates are open for international and regional investors to start looking more seriously at Egyptian businesses. It\u2019s still slow, but it\u2019s starting to pick up.<\/p>\n

E: I think we have all learned a lot of lessons in the past few years. What do you now look<\/strong> for in startups? <\/strong><\/p>\n

KH: Operating in Egypt needs resilience no matter what.<\/strong> All of our businesses did survive that very unusual time and that\u2019s really because of the resilience of these entrepreneurs and their ability to shift focus and continue to build their businesses \u2014 even in very uncertain times.<\/p>\n

The important lesson is that the days of focussing only on high growth at any cost are<\/strong> gone.<\/strong> We never really invested in companies that are just talking about growing their revenues, we invest in potentially profitable business models. The most important thing is not to just run and run as fast as you can, but to build a solid business first.<\/p>\n

E: What do you think will be the most interesting sectors in the next few years? <\/strong><\/p>\n

KH: There are a lot of interesting sectors here in Egypt. <\/strong>We will continue to look at agriculture and agritech, healthtech, and we\u2019re of course always interested in fintech and logistics.<\/p>\n

We\u2019re also looking at intelligent uses of AI<\/strong>, but only when these offer practical solutions to problems needed by the market. We\u2019ve been very selective with our AI investments and we\u2019ve done only two investments in this field.<\/p>\n

E: Successful exits are always good news for VCs and founders, but where do you see<\/strong> these funds being reinvested?<\/strong><\/p>\n

KH: The amount of funds invested in Egypt and in the region as a whole is very very low<\/strong> as a percentage of GDP compared to the rest of the world. We are very far behind. I think once we start seeing more exits, we will start to see even additional inflows of funds, and more capital being raised, both locally and internationally.<\/p>\n

Another important part of exits is that they create new entrepreneurs<\/strong>, and not necessarily the founders, maybe the senior managers. Many of the founders who made good returns from the exits become angel investors and the cycle continues. This is what built Silicon Valley and many of the startup centers of the world.<\/p>\n

Many of the alumni from these companies are the ones who are leading the new startups.<\/strong> We\u2019ve already seen it with alumni from Fawry, or Careem, and other successful exits in the market. We, in Algebra, always look for exceptional talents that have been through the process of building the company from zero to a hundred.<\/p>\n

E: Why do you think so many startups are expanding overseas?<\/strong> Is it pure growth or more of a brain drain?<\/strong><\/p>\n

KH: Egypt is a big market, but it\u2019s not the only market in the region.<\/strong> It\u2019s natural for any business to diversify its risk across geographies and across products. It\u2019s a great opportunity and something we hope many of our businesses will do. Any significant business globally is a multinational, so one market is not enough. <\/p>\n

Having said that, there are some markets that are easier for traditional startups to enter. <\/strong>These markets are the ones that are more similar to Egypt from a consumer perspective. They might be in Africa like Nigeria, Kenya, or Morocco. Maybe the more natural markets will be countries in the Gulf, where they have a similar business culture and you're able to sell right to them.<\/p>\n

E: On the regulation front, what do you think can be a game changer for Egyptian<\/strong> startups?<\/strong><\/p>\n

KH: Reducing red tape across the board will always make things easier for any<\/strong> business<\/strong> to start and for any business to close as well. The ability to close a business quickly is important. Many startups fail and this is not the problem. If failure means the bankruptcy of the founders and that they cannot do anything again, then that is a problem.<\/p>\n

Startups' access to debt is also important<\/strong>, and it\u2019s important for the government to provide a level of guarantee so banks will be willing to lend to startups. Just simple working capital loans, we are not talking about anything more complicated than that.<\/p>\n

And it\u2019s not easy for startups to hold an IPO in Egypt.<\/strong> The Egyptian Stock Exchange requires years of profitability for a startup to be listed. A company like Amazon wouldn't have been eligible to be listed in Egypt until maybe five years ago. These kinds of rules need to be adjusted and changed.<\/p>\n

E: What\u2019s next for Algebra?<\/strong><\/p>\n

KH: We will continue to do what we do<\/strong>, find great teams that we believe are changing the economy and the market around them and creating new solutions that solve many of the problems we have. And we\u2019ll continue to engage with our startups and support them \u2014 not only financially, but through any means we can.<\/p>\n","protected":false},"excerpt":{"rendered":"

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We had a view on what the true value of the businesses were because we operate in Egypt\u201d<\/p>\n","protected":false},"author":1,"featured_media":620792,"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":[8231],"tags":[398,335,72,8613,95,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agreements-and-mous-totalling-eur-67-7-bn-inked-at-egypt-eu-investment-conference","tag-algebra-ventures","tag-coffee-with","tag-enterpriseam","tag-karim-hussein","tag-startup-watch","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"a8c6e16a-939c-439d-b827-17d32a4f9d4b","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2076.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Coffee With: Karim Hussein, managing partner of Algebra Ventures","related_issue":[620786],"teaser":"\u201cLast year, we were sort of the only ones investing in startups. 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Hussein was previously senior VP of products and engineering at WebMD, founder of DKimia, and has also made a number of angel investments in Egypt and the US, including Shezlong, Simplex CNC Solutions, Integreight and Eonite Perception. Algebra\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":621164,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/02\/algebra-ventures-backs-moroccan-agritech-startup-plus-news-from-taqa-and-acdima\/","url_meta":{"origin":620791,"position":1},"title":"Algebra Ventures backs Moroccan agritech startup. PLUS: News from Taqa and ACDIMA","author":"enterpriseam admin","date":"2 June 2024","format":false,"excerpt":"Algebra Ventures participated in a pre-Series A funding round for YoLa Fresh","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/72.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604668,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/10\/algebra-ventures-raises-usd-1-265-in-series-a-funding-round-for-jordanian-ed-tech-platform-little-thinking-minds\/","url_meta":{"origin":620791,"position":2},"title":"Algebra Ventures raises USD 1.265 in series \u201cA\u201d funding round for Jordanian ed-tech platform Little Thinking Minds","author":"enterpriseam admin","date":"10 December 2018","format":false,"excerpt":"INVESTMENT WATCH- Algebra Ventures leads USD 1.27 mn series \u2018A\u2019 round for Jordan\u2019s Little Thinking Minds: Jordanian education technology platform Little Thinking Minds (LTM) raised USD 1.265 mn in a series A funding round led by our friends at Algebra Ventures, the firm said yesterday (pdf). Mindshift Capital and Al\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\/2018\/12\/2871.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572048,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/algebra-ventures-tarek-assaad-and-karim-hussein-on-what-vcs-look-for-in-startups\/","url_meta":{"origin":620791,"position":3},"title":"Algebra Ventures\u2019 Tarek Assaad and Karim Hussein on what VCs look for in startups","author":"enterpriseam admin","date":"9 June 2020","format":false,"excerpt":"This week on Making It, our podcast on building a great business in Egypt, we spoke with Tarek Assaad and Karim Hussein \u2014 two thirds of Algebra Ventures\u2019 managing partner trio \u2014 about successfully launching the biggest tech VC fund in Egypt, and the qualities that make a startup investment-worthy.\u2026","rel":"","context":"In "Worth Listening"","block_context":{"text":"Worth Listening","link":"https:\/\/enterpriseam.com\/egypt\/category\/worth-listening\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/102.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622501,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/03\/algebra-ventures-leads-usd-600k-series-a-round-for-real-estate-platform-icommunity\/","url_meta":{"origin":620791,"position":4},"title":"Algebra Ventures leads USD 600k Series A round for real estate platform iCommunity","author":"enterpriseam admin","date":"3 October 2018","format":false,"excerpt":"** #4 Algebra Ventures leads USD 600k Series A round for iCommunity: Mobile real estate platform iCommunity raised USD 600k in Series A funding round led by our friends at Algebra Ventures, according to a statement on Tuesday. iCommunity will use the investment to grow locally and internationally, its CEO\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":601252,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/24\/trella-raises-usd-600k-in-pre-seed-funding-round-led-by-algebra\/","url_meta":{"origin":620791,"position":5},"title":"Trella raises USD 600k+ in pre-seed funding round led by Algebra","author":"enterpriseam admin","date":"24 February 2019","format":false,"excerpt":"EXCLUSIVE- Trella raises >USD 600k in pre-seed funding round led by Algebra: Trella, the trucking marketplace that connects shippers to carriers, has announced that it has secured over USD 600k in a pre-seed funding round led by our friends at Algebra Ventures, who shared the announcement with us in a\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\/2021\/10\/212.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\/620791","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=620791"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620791\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620786"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620792"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620791"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620791"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}