Egypt’s leading VC firm, Algebra Ventures launched its $90 million second fund, dedicated to investing in startups with a focus on Egypt with an allocation for the MEA region. The company expects its first closing in Q3 of 2021.

Algebra  with four years into its first $54M fund has invested in 21 startups and has backed world-class entrepreneurs who are building market-leading businesses. Algebra Ventures’ portfolio of Series A investments, the largest in Egypt, is achieving remarkable traction. Collectively creating over 20,000 direct and indirect jobs, Algebra’s six most established companies are valued at over $350M.

Grounded in its continued belief in Egyptian tech entrepreneurs, Algebra Ventures is doubling down on its home market, while still opportunistically investing in the rest of the MEA region. The VC will continue to support founders who are transforming industries and addressing long-standing problems that only technology can provide solutions for. Furthermore, Algebra will continue to pursue co-investments with some of the strongest local, regional and international venture investors who have been instrumental to its success.

Karim Hussein, Managing Partner at Algebra Ventures commented, “having built a couple of successful technology companies in the US, I see tremendous opportunities for tech transformation in the Egyptian economy and continue to meet exceptional entrepreneurs who address these challenges. I am also encouraged by the significant steps taken by the government to facilitate the growth of tech-enabled businesses in Egypt.”

Algebra Ventures’ new fund will pursue opportunities in fintech, agritech, edutech, logistics and healthcare by partnering with high-potential founders to address specific market gaps in these sectors.