Ventures announced the launch of its $90 million second fund. It was the sequel to its first: a $54 million fund invested in 21 startups across Egypt and the Middle East.
While Algebra Ventures predicted it would reach its first close in Q3 2021, the firm had to wait an entire year to achieve that. However, the lag afforded Algebra Ventures enough time to exceed what it initially earmarked for the fund. The firm disclosed in a statement that it has finalized a $100 million first close and expects to reach its final close by the end of Q1 2023.
They include names such as Halan, Brimore, Trella, elmenus, Khazna, Yodawy, Mozare3 and Shift EV.
The firm, whose general partners include Laila Hassan and Omar Khashaba, will also cut checks ranging from $500,000 to $2 million from this second fund.