Algebra Ventures has announced the launch of its second $ 90 million funds which will be committed to funding startups in Egypt and allocating a special stake to the Middle East and Africa region.
Algebra Ventures aim to complete the initial closure in the third quarter of 2021.
Within four years of operations, Algebra has successfully invested in over 21 startups with an initial fund valued at $ 54 million and have also supported tens of entrepreneurs who have distinguished themselves with viable and innovative ideas in Egypt and its environs.
The company further disclosed that the new fund will be channeled to sectors such as the financial sector, agricultural, healthcare, transportation and logistics by partnering with founders who have what it takes to disrupt this market.
Algebra Ventures supports companies in various ways this includes providing financial investments, helping startups develop strategies, as well as the human resources areas. In addition, it mentors some companies to ensure their vision and goals are effectively implemented.