{"id":672497,"date":"2025-09-25T00:00:00","date_gmt":"2025-09-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/25\/avanz-capital-backs-algebra-ventures-fund-ii\/"},"modified":"2025-09-25T00:00:00","modified_gmt":"2025-09-25T00:00:00","slug":"avanz-capital-backs-algebra-ventures-fund-ii","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/25\/avanz-capital-backs-algebra-ventures-fund-ii\/","title":{"rendered":"Avanz Capital backs Algebra Ventures\u2019 Fund II"},"content":{"rendered":"

Avanz Capital joins Algebra Ventures\u2019 Fund II: <\/strong>Private equity outfit Avanz Capital has joined tech-focused Egyptian VC Algebra Ventures\u2019 second fund as a secondary limited partner (LP) through its direct investment arm Avanz Manara, according to a joint statement (pdf)<\/a>.<\/p>\n

REMEMBER- <\/strong>Algebra Ventures\u2019 Egypt-focused second fund reached a USD 100 mn first close in 2022<\/a>, surpassing its USD 90 mn initial target. The close was backed by international limited partners including the IFC, EBRD, and EAEF as well as FMO, BII, MSMEDA, DGGF and regional family offices. At the time, Algebra said it plans to back 31 startups pursuing early-stage investment opportunities in sectors like fintech, agritech, edutech, and e-commerce.<\/p>\n

What they said:<\/strong> \u201cWe are proud to partner with Egypt\u2019s leading tech-focused venture capital firm. This transaction represents not only one of the first secondary LP investments in Egypt, but also a milestone that reflects the strength and growth of the local ecosystem,\u201d Managing Director of Avanz Capital Haytham Wagih<\/strong> said in the statement.<\/p>\n

\u201cWe've known Avanz for a very long time, we\u2019ve been friends and co-investors in <\/strong>portfolio companies.<\/strong> We've always talked about the potential LP position and it felt like the right time,\u201d Tarek Assaad<\/strong>, Managing Partner at Algebra Ventures, told EnterpriseAM.<\/p>\n

New market activated: <\/strong>\u201cPart of our role is bringing local investors into the market \u2014 foreign investors typically follow locals \u2014 and activate the secondaries market in VC and PE,\u201d Wagih noted. Liquidity can come from primary exits (a fund exits an investment and returns capital to LPs) or secondary exits, where LPs sell their stakes to other LPs, Wagih explains. The secondary LP market is inactive in Egypt, though active in developed markets and in some developing ones like South Africa, he added.<\/p>\n

The process getting here: <\/strong>\u201cWe\u2019ve screened Egypt-focused funds, including Algebra, which we consider among the best and we found the opportunity to invest,\u201d Wagih told us. \u201cWe also want to help activate LP-led secondaries in Egypt \u2014 to show there are feasible LP-to-LP opportunities and to ease general partners (GP) pressure for constant exits that may not always serve fund performance.\u201d Algebra is one of the few experienced fund managers in Egypt and the region and we have a strong relationship with them, he added.<\/p>\n

\u201cEgypt needs higher allocations to private capital<\/strong>,\u201d Wagih said. Across most GPs, the majority of capital in private markets (VC, PE, private debt) comes from outside Egypt. We need local institutional investors to allocate \u2014 it benefits the macroeconomy, not just individual GP\/LP performance, Wagih added.<\/p>\n

\u201cFrom a GP perspective, it\u2019s great that 90-95% of our capital is international \u2014 it signals <\/strong>confidence \u2014 but we want to increase local capital<\/strong>,\u201d Assaad said. Local investors need to understand tech VC as an asset class and its long-term potential. It\u2019s early and risky, but important. Also, in very tough times, the ecosystem needs local capital: international investors can be spooked by sharp currency moves; locals better understand that a 50% hit may cost a year-and-a-half of growth, but doesn\u2019t kill a company growing 2-3x annually. \u201cLack of product-market fit kills businesses, not just FX shocks. This is when the local capital should step in. Avanz is taking a leading role here, and we hope to see more,\u201d Assaad told us.<\/p>\n

\u201cMany fundamental issues in Egypt won\u2019t be solved without technology<\/strong>,\u201d Assaad noted. Banks\/retailers won\u2019t set up shop in distant villages, but mobile infrastructure and app familiarity are widespread. Tech enables communication, news, purchasing, payments, and credit. Turbulence can happen, but tech startups solving fundamental problems remain attractive, he added. <\/p>\n

What\u2019s next for Avanz Capital? <\/strong>We\u2019ve started working on our next fund \u2014 a blend of our fund-management experience and a direct-investment strategy \u2014 leveraging relationships with GPs in Egypt and Africa, Wagih said. We see a big gap at the growth stage (between VC and PE) \u2014 the \u201cforgotten middle\u201d \u2014 with financing and support gaps for companies graduating from VC but not yet PE-scale. We\u2019re fine-tuning our strategy to launch the new fund, focusing on size and sector gaps, including export-focused and import-substitution sectors, and companies exporting to Europe that need to reduce costs and compete, Wagih told us.<\/p>\n

And what\u2019s next for Algebra Ventures? <\/strong>Through Fund II, we deployed investments in 14 companies, two of which are in Morocco, Assaad said. While 80% of the fund will target startups in Egypt, we want to do more in Morocco, and we are looking at Nigeria, Kenya, South Africa as expansion opportunities beyond Egypt, Assaad explained. <\/p>\n","protected":false},"excerpt":{"rendered":"

The move marks \u201cone of the first secondary LP investments in Egypt\u201d<\/p>\n","protected":false},"author":1,"featured_media":672498,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7691],"tags":[398,7324,72,7087,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-672497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-algebra-ventures","tag-avanz-capital-management","tag-enterpriseam","tag-finance","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"6cff48d4-c4a5-4c13-b899-669b436b4755","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/9\/1509.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Avanz Capital backs Algebra Ventures\u2019 Fund II","related_issue":[672484],"teaser":"The move marks \u201cone of the first secondary LP investments in Egypt\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/9\/.4ec10e8d-e854-4be7-8797-ea41e6badad4.mp3"},"yoast_head":"\nAvanz Capital backs Algebra Ventures\u2019 Fund II - 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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":549911,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/","url_meta":{"origin":672497,"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). 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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":561434,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/algebra-ventures-doubles-down-on-egypt-with-usd-90-mn-fund\/","url_meta":{"origin":672497,"position":4},"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":547992,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/fmo-commits-usd-10-mln-to-algebras-second-tech-fund\/","url_meta":{"origin":672497,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/672497","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=672497"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/672497\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/672484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/672498"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=672497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=672497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=672497"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=672497"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=672497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}