{"id":325236,"date":"2022-04-18T14:00:46","date_gmt":"2022-04-18T14:00:46","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325236"},"modified":"2022-04-18T14:00:46","modified_gmt":"2022-04-18T14:00:46","slug":"egypt-based-vc-algebra-ventures-secures-15m-ifc-commitment","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/04\/18\/egypt-based-vc-algebra-ventures-secures-15m-ifc-commitment\/","title":{"rendered":"Egypt-based VC Algebra Ventures secures $15m IFC commitment"},"content":{"rendered":"
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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.<\/p>\n

With its first US$54 million fund, Algebra Ventures<\/a> invested in startups including Trella, elmenus, GoodsMart and Halan, and Disrupt Africa reported<\/a> last year it had announced Algebra Fund II.<\/p>\n

The new US$90 million fund will see Algebra Ventures make its first investments in East and West Africa<\/a>, while it will also have a special focus on women-led businesses and those serving rural communities.<\/strong><\/p>\n

IFC co-anchored Algebra\u2019s 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.<\/p>\n

\u201cWe 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,\u201d said Tarek Assaad, managing partner at Algebra Ventures.<\/p>\n

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\u2019s economy \u2013 with the right support.<\/p>\n

\u201cWith this investment, we are helping to push the country\u2019s startup scene forward and encourage innovation,\u201d she said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":4,"featured_media":325237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-325236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-products"],"yoast_head":"\nEgypt-based VC Algebra Ventures secures $15m IFC commitment - egy-africa<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/04\/18\/egypt-based-vc-algebra-ventures-secures-15m-ifc-commitment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt-based VC Algebra Ventures secures $15m IFC commitment - 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