The International Finance Corporation (IFC), announced a $15 million investment into the second fund of venture capital firm Algebra Ventures. This investment will help internet entrepreneurs access capital and drive innovation in Egypt.
According to the IFC the $15 million investment in Algebra Fund II will support the expansion and development of approximately 20 digital businesses in Egypt, as well as across Africa.
The fund has a goal to raise $90 million and will be primarily focused on rural women-led businesses.
Algebra Ventures is a $50 Million venture capital firm based out of Cairo. It invests in early stage digital startups in Egypt, the Middle East, and North Africa. These startups are transforming lives and business.
Cisco, EAEF, EBRDs, IFCs, and private family offices are some of its LPs.
“We are thrilled to see IFC return as a limited partner in our second fund, after investing in our first fund and directly into our portfolio five years ago.
IFC has been one of our most steadfast partners since the beginning, believing in our vision when there was no such thing as venture capital in Egypt “Algebra Ventures’ Managing Partner, Tarek Assaad, stated.
“Egypt’s entrepreneurs are well prepared to create transformation in the country’s economy – given the appropriate support,” said Yasmine El-Hini, IFC Egypt Country Officer and Acting Country Manager for Egypt and Libya.
“With this investment, we are assisting in the advancement of the country’s startup scene and encouraging creativity,” she said.
The investment is part of the International Finance Corporation’s (IFC) commitment to promoting Africa’s burgeoning startup and entrepreneurship ecosystem.
IFC made direct investments in Brimore, an Algebra Ventures portfolio business and social commerce platform, of $5 million and in the Ezdehar Fund of $20 million to help small businesses get capital earlier this year.
IFC’s global Venture Capital investments in over 100 companies and venture capital funds totaled $1.6 billion as of June 2021, supporting approximately 1,700 enterprises and helping to fuel innovation and growth.