What is driving Egypt s current startup boom?
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It comes at a time when deal flow and investment in the country is rising. In the first quarter of this year, 34 Egyptian startups raised $22 million, double the amount raised by 24 startups in the fourth quarter of 2020. These two new funds are likely to further invigorate the ecosystem by providing much-needed investment for the country s startups.
“We are super excited about the growth of the entrepreneurship space in Egypt,” says Karim Hussein, managing partner at Algebra Ventures. “We ve made 21 investments out of the initial fund and we re seeing remarkable growth with some of our more portfolio businesses reaching significant market caps and significant recurring revenues. As we see today, in our pipeline of entrepreneurs and opportunities, we realised that we need to double down more on more similar opportunities.”
بالاترین: شماری از نویسندگان طی بیانیه ای خواستار آزادی بکتاش آبتین و سایر فعالان فرهنگی در بند شدند balatarin.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from balatarin.com Daily Mail and Mail on Sunday newspapers.
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Egypt’s Algebra Ventures has launched a $90m fundraise for its sophomore fund, which it said will also be used to target the wider Middle East and Africa.
Algebra raised its $54m debut fund four years ago, and has since used it to back 21 startups to build Egypt’s largest portfolio of Series A investments.
The firm said Fund I’s six most established companies are valued at more than $350m.
Algebra hopes to hit a first close for Fund II in Q3. The firm said it was doubling down on its home market with the vehicle, while also opportunistically investing in the wider MEA region.
Egypt's Algebra Ventures Launches New $90 Million Fund cairoscene.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cairoscene.com Daily Mail and Mail on Sunday newspapers.
After its first $54M fund, Algebra Ventures launches $90M fund for startups in Egypt
The venture capital scene in the North African tech ecosystem will be absolutely buzzing right now with the announcement of two large VC funds in the space of two days. Today, Algebra Ventures, an Egyptian VC firm, announced that it has launched its $90 million second fund.
Four years ago, Algebra Ventures closed its first fund of $54 million, and with this announcement, the firm hopes to have raised a total of $144 million when the second fund closes (with first close by Q3 2021). If achieved, Algebra will most likely have the largest indigenous fund from North Africa and arguably in Africa.