Algebra Ventures officially announced the closing of its first technology venture capital fund with $40m, according to a press statement on Wednesday.
The statement said that the fund is currently the largest in Egypt, and will invest in up to 25 technology and technology-enabled start-ups in different sectors, including technology IP, financial technology, industry platforms, e-commerce, and consumer internet. The investments will predominantly be in the range of $0.5m to $4m. The statement added that Algebra Ventures plans to reach a final closing of $50m.
In this regard, the Egyptian-American Enterprise Fund (EAEF) announced that it invested $10m in Algebra Ventures on Wednesday.
Algebra Ventures is a newly formed Egyptian venture capital firm and was founded by three partners. Tarek Assaad, Ziad Mokhtar, and Khaled Ismail have collectively managed over 30 venture capital and angel investments in previous funds and were behind some of the largest technology exits in Egypt, such as Fawry (exited at a $100m valuation) and SysDSoft, which was acquired by Intel.
Algebra Ventures aims to help the next generation of innovators and entrepreneurs build unique, scalable market leaders and develop the growing Egyptian entrepreneurship ecosystem.