Egyptian VC firm Algebra Ventures has secured a US$15 million commitment from the International Finance Cooperation (IFC), a member of the World Bank Group, towards its US$90 million second fund.
The new US$90 million fund will see Algebra Ventures make its first investments in East and West Africa, while it will also have a special focus on women-led businesses and those serving rural communities.
IFC co-anchored Algebra’s first fund with a US$10 million investment, and it is also supporting its second offering. The US$15 million commitment this time round will help support the growth of around 20 technology startups.
“We are delighted to see IFC return as a limited partner in our second fund, having invested in our first fund five years ago as well as directly into our portfolio. IFC has been one of our strongest partners since day one and believed in our vision when there was no venture capital to speak of in Egypt. We look forward to continuing to strengthen our partnership going forward,” said Tarek Assaad, managing partner at Algebra Ventures.
Yasmine El-Hini, IFC Egypt country officer and acting country manager for Egypt and Libya, saod Egyptian entrepreneurs were perfectly poised to drive change in the country’s economy – with the right support.
“With this investment, we are helping to push the country’s startup scene forward and encourage innovation,” she said.