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Egyptian venture capital firm Algebra Ventures hits first close of second fund at $100M

Egyptian and MENA-focused venture capital firm Algebra Ventures announced the launch of its $90 million second fund last April. The firm has already invested in 21 startups across Egypt and the Middle East. The fund is expected to reach its final close by the end of Q1 2023. Algebra is arguably the largest indigenous fund in Africa and lists alongside Partech Africa, TLcom Capital, Norrsken22 and Novastar Ventures as well-established funds investing in African growth-stage companies. It has backed four startups, including Sylndr, the online used-car retailer which raised the largest pre-seed investment in Africa this May at $12.6 million. The partners say Algebra plans to invest $15 million this year. . . .

Read more at techcrunch.com