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.