FMO, the Dutch entrepreneurial development bank, has signed a $10 million commitment to the second fund of Algebra Ventures, an Egyptian venture capital company.
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The money is coming from FMO’s EUR 200 mn investment program, which is co-financed by the Dutch foreign ministry and the European Commission.
Algebra Ventures II: Launched in April 2021, the fund will focus on Egyptian startups “with an allocation for the wider Middle East and Africa region,” according to Algebra’s statement. It will pursue early-stage investment opportunities, particularly in fintech, agritech, edutech, logistics, e-commerce and healthcare. Algebra has said the fund will eventually be worth USD 90 mn.
