FMO commits $10 million to Algebra Fund II to back Egyptian tech startups

FMO commits $10 million to Algebra Fund II to back Egyptian tech startups
Photo by Vladimir Solomianyi / Unsplash

Algebra Fund II, managed by Algebra Ventures 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.