Algebra Ventures, a Cairo, Egypt-based venture capital firm, held the first close of its fund focused on backing technology startups, at $40m.
Algebra is the first Egypt-dedicated venture capital vehicle to come to market since 2008. LPs include IFC, a member of the World Bank Group, The European Bank for Reconstruction and Development (EBRD), the Egyptian-American Enterprise Fund, and Cisco.
The fund, which plans to reach a final closing of $50m, aims to invest in businesses in fields like e-commerce, financial services, and consumer internet services. Investments will predominantly be in the range of $500k to $4m.
Algebra is led by managing partners Tarek Assaad, Ziad Mokhtar, and Khaled Ismail, who have spearheaded some of the largest exits in Egypt including payment provider Fawry, which was exited at a $100 million valuation, and SysDSoft, which was acquired by Intel.