Algebra Ventures has finally held the first close of its second fund with $100 million in capital commitments a year later than predicted, according to a report by TechCrunch.
Algebra Ventures has finally held the first close of its second fund with $100 million in capital commitments a year later than predicted, according to a report by TechCrunch.
The Egyptian and MENA-focused venture capital firm announced the launch of the $90 million fund in April 2021 with the first closing expected in Q3 of last year. The firm now expects the funds which will look to invest between $500,000 and $2 million in tech-driven start-ups, to reach its final close by the end of Q1 2023.
Algebrea Ventures first fund, which raised $54 million, has so far invested in 21 startups business across Egypt and the Middle East.
Since its inception in 2016, Algebra Ventures has backed some of Egypt’s top startups in various industries including Halan, Brimore, Trella, elmenus, Khazna, Yodawy, Mozare3 and Shift EV.
