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Venture Capital Firm Algebra Ventures Announce First Close of $100M Second Fund

Algebra Ventures has announced that it has secured the first close of $100 million and expects to reach a final close by the end of the first quarter (Q1) of 2023.

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Egypt’s leading tech venture capital firm Algebra Ventures has announced that it has secured the first close of $100 million and expects to reach a final close by the end of the first quarter (Q1) of 2023.

Last year in April, Algebra ventures secured a $90 million fund for startups in Egypt with an allocation for investments in the wider Middle East and Africa region. It was the sequel to it’s first $54 million fund invested in 21 startups across Egypt and the Middle East. 

When the Venture capital firm predicted that it would attain its very first close in Q3 2021, it however had to wait an entire year to achieve that. Nonetheless, the delay afforded Algebra Ventures adequate time to exceed what it initially earmarked for the fund.

The firm recently disclosed in a statement that it has finalized a $100 million first close and expects to reach its final close by the end of Q1 2023. 

Speaking of the recent funds raised the managing partners of Algebra ventures Tarek Assaad and Karim Hussein said, “Our second fund will pursue opportunities in various sectors by partnering with high-potential founders to address specific market gaps in these sectors.

“We haven’t made any investments in sub-Saharan Africa yet, but continue to build relationships in these markets,” added Hussein via email about the company’s prospective investments in neighboring markets”.

“We have seen ups and downs before and have been working closely with our portfolio companies to ensure that they have a solid financial position in this new environment.

“We continue to support our companies with strategic advice, funding, operational issues, and other matters as the need arises.”

Algebra Ventures is reportedly one of the few companies to have recently reached the first or final close of a large fund targeting the Middle East.

The Ventures capital firm reaching its first close at a larger size than its intended second fund is a colossal achievement. It highlights a decisive vote of confidence from investors in the company’s first fund.

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Fund Raising

Nigerian Based Food Tech Startup, Orda Raises $3.4 Million in Seed Funding

Orda Africa has now raised a combined $4.5 million raised by the African-centric food tech company. 

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Nigerian-based food tech startup, Orda announced it has raised a sum of $3.4 million in seed funding after it raised $1.1 million in pre-seed funding at the beginning of this year. This makes it a total of $4.5 million raised by the African-centric food tech company. 

Investors King understands that Orda is an African restaurant cloud operating system that helps restaurants to move from pen and paper to a fully automated digital platform. 

According to the startup, it aims to help more African restaurants maximize their business operations and expand distribution. 

The tech company added that it plans to improve on some new features which include loan, credit, and payment options which will eventually enable its clients to maximize the potential of their business. 

Investors King learnt that this new round of funding was co-led by Quona Capital and FinTech Collective. Other institutional investors which participated in the seed funding include Far Out Ventures, Lofty Inc Capital, Enza Capital, and Outside VC.

In the last one year, Orda has been able to increase its customer base to more than 600 restaurants across Nigeria and Kenya while its weekly processing orders has increased by more than 500 percent. 

Speaking about the growth and focus of the company, Orda’s CEO and co-founder, Guy Futi said “From day one, Orda has been focused on building solutions for small and medium-sized restaurants”.

“These businesses operate with slim profit margins and the power of Orda’s software and financial solutions can catapult their business. Our goal is to provide end-to-end solutions that help them optimize their operations so they become more prosperous”. 

Founded in 2020 by Guy Futi, Fikayo Akinwale, Mark Edomwande, Kunle Ogungbamila, and Namir El-Khouri, Orda has the vision to help small-sized African restaurants optimize their business and achieve sustainable growth.

Meanwhile, the company has attributed its growth over the last 12 months to the excellent team it has put together, a trend it hopes to continue in the coming months. 

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Fund Raising

Proptech Startup SmallSmall Announces The Raise of $3m in Seed Funding

Lagos-based Nigerian prop-tech startup SmallSmall has announced the raise of $3 million ($2 million equity and $1 million debt) in seed funding.

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SmallSmall

Lagos-based Nigerian prop-tech startup SmallSmall has announced the raise of $3 million ($2 million equity and $1 million debt) in seed funding.

Formerly known as RentSmallSmall, the startup gives renters access to monthly rent payments while eliminating the pain points of landlords.

Speaking on the recent funds raised the startup co-founder Tunde Balogun said, “We started by understanding the pain points of landlords. Even though they collected rent one year upfront, the default rate of the yearly system is very high because when people’s finances take a hit, they might not be able to pay subsequent rent.

“The legal process of evicting tenants where they’ll have to wait six to 12 months is also not supportive of the landlords. “Our market is for young professionals with an average age of around 28 years. It’s a huge market.

“We surveyed almost 3,000 people last year in Lagos, which showed that 80% of them wanted to pay their rent monthly. So that tells you how much adoption the monthly space would have if the markets eventually opened up.”

He further disclosed that the fund will be used to expand the startup operations to other cities in Nigeria, such as Enugu, Jos and Portharcourt before the end of Q1 2023.

Founded in 2018, the startup has been leveraging technology to revolutionize Nigeria’s property rental market and has so far had over 476,000 people registered on the platform.

It has also saved renters from legal and agency fees, which has seen it transcend into one of the leading advocates for affordable and flexible rental payment platforms across West Africa.

SmallSmall has also enabled landlords to access quality tenants and help curb defaults of payments.

In 2021, the startup was accepted to join the techstars Toronto accelerator program, making it the first African property technology platform selected to join the program. 

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Fund Raising

Fintech Startup Money Fellows Raises $31 M in Funding, Plans to Diversify Portfolio

Egyptian-based fintech startup Money fellows have raised $31 million in its latest series B funding round

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Money Fellows

Egyptian-based fintech startup Money fellows have raised $31 million in its latest series B funding round.

The funding round was led by Commerce ventures, Middle East Venture Partners (MEVP), and Arzan Venture, as well as funds from National Investment Company (NIC), Invenfin, Sawari Ventures, Existing investors Partech, 4DX, and P1Ventures who also invested in the round.

According to the startup, the fund will enable it to diversify its portfolio, expand its product offerings across the B2C & B2B segments and also expand other markets in Africa and Asia.

Speaking on the success of the fundraising, the CEO and founder of Money Fellows Ahmed Wadi said, “We are proud to share with our stakeholders and users the progress and growth which led Money Fellows to become one of the market-leading fintechs in Egypt, facilitating financial inclusion and digital transformation in the country.

“We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company’s vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute.

“The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team, and the overall opportunity that lies in the Egyptian market”.

Money fellows is a collaborative Group lending and savings platform. The app is aimed to connect people who are on the lookout for money circles but do not know each other.

Basically, the fintech startup digitized the traditional informal offline ROSCA (Rotating Savings and Credit Association) model that enables users to meet their financial needs.

The ROSCA model is currently in over 90 countries worldwide, with a variety of names, such as ‘Chit funds’ in India, ‘Gam’eya’ in the Arab world, ‘Committees’ in Pakistan, and ‘Tandas’ in Mexico.

MoneyFellows has so far racked up more than 500,000 users, with 200,000 active users. The startup revenue has been growing between 35 and 45 percent on a month-on-month basis.

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