Wed, 07 Apr 2021 - 01:19 GMT
Investment - Courtesy of Flickr
CAIRO – 7 April 2021: Algebra Ventures announced the launch of its second $ 90 million fund dedicated to investing in startups with a focus on Egypt and allocating a special stake to the Middle East and Africa region.
Algebra Ventures will aim to complete the first closure in the third quarter of 2021.
The company added in a statement, Tuesday that Algebra has succeeded within 4 years of launching its first fund worth $ 54 million in investing in 21 startups, and has also supported entrepreneurs with distinguished qualifications who have established innovative pioneering companies in the Egyptian and regional market.
The company explained that the new fund focuses on investing in the fields of financial technology, agricultural technology, logistics and healthcare by continuing cooperation with founders with high capabilities to fill specific gaps in the market.
Algebra Ventures works with the support of its companies in various ways, including providing financial investments, helping to develop strategies, as well as paying attention to human resources. Algebra intensifies its efforts to enhance communication between its companies and those with the most prominent and ambitious competencies. In addition, it expands its internal team to enable it to maintain growth and ensure that the company's vision is implemented efficiently.