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.