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# FMO commits $10 million to Algebra Fund II to back Egyptian tech startups
- URL: https://www.techloy.com/fmo-commits-10-million-to-algebra-fund-ii-to-back-egyptian-tech-startups/
- Published: 2022-07-20T14:25:20.000Z
- Updated: 2022-12-08T00:23:46.000Z
- Author: Oluwajuwonlo Afolabi
- Tags: Tech in Africa, / Money, Egypt

Algebra Fund II, managed by [Algebra Ventures](https://www.algebraventures.com/) based in Egypt has secured $10 million from FMO, the Dutch Entrepreneurial Development Bank, alongside other investors.

- Algebra Fund II will invest in technology startups in Egypt, the Middle East and, other African areas.
- The fund will be deployed as early-stage investments across fintech, agritech, edtech, logistics, e-commerce, and healthcare startups.
- With its first $54 million fund, Algebra has invested in 21 startups and supported high-impact entrepreneurs.
- The International Finance Corporation and European Bank for Reconstruction and Development (EBRD) also participated in the raise.