The International Finance Cooperation (IFC) has pledged a $15 Million investment in Egypt’s Algebra Ventures.
IFC intends to support the growth of approximately 20 technology start-ups, primarily in Egypt but also in Africa.
Algebra Ventures has a target size of $90 Million and will focus on women-led businesses and those serving rural communities.
According to Tarek Assaad, Managing Partner at Algebra Ventures, IFC is returning to support its second fund after participating in the first fund some five years ago and directly in the firm’s portfolio.
This is IFC’s second investment in Algebra Ventures as part of its strategy to support Africa’s booming entrepreneurship and start-up ecosystem.
In 2016, IFC invested $10 Million to co-anchor Algebra’s inaugural $54 million fund, which also attracted investments from Cisco Investments, the Egyptian American Enterprise Fund, and the European Bank for Reconstruction and Development.
Algebra Fund I, was the first Egypt-dedicated VC fund and has supported 21 tech start-ups and created over 3,500 direct and 28,000 indirect jobs.
Earlier this year, IFC directly invested $5 million in Brimore, an Algebra Ventures portfolio company and social commerce company, and $20 million in the Ezdehar Fund to help smaller businesses access finance.