Hussein: There are huge opportunities for technological transformation in the Egyptian economy
Asaad: The new fund focuses on investing in the fields of financial and agricultural technology
Algebra Ventures revealed today, Tuesday, the launch of its second $ 90 million fund dedicated to investing in emerging companies with a focus on Egypt and allocating a special stake to the Middle East and Africa region, noting that the completion of the first closure will take place in the third quarter of 2021.
Within four years, Al-Jabra succeeded in launching its first fund worth $ 54 million in investing in 21 start-up companies and supported entrepreneurs with distinguished qualifications who established innovative pioneering companies in the Egyptian and regional market.
Al Jabra Ventures’ portfolio of Series A investments, which is the largest in Egypt, enjoys exceptional growth rates, as the six largest companies in the Al Jabra portfolio have collectively created more than 20,000 direct and indirect jobs, with an estimated value of more than $ 350 million.
Algebra Ventures intends to double its contributions to the local market with an interest in seizing the investment opportunities that appear in various countries of the Middle East and Africa region.
Algebra will continue to support entrepreneurs and digital solutions that provide excellent services to different markets, as well as continue to cooperate with leading investment companies to support Egyptian companies.
Karim Hussein, Managing Partner at Al Jabra Ventures, indicated that there are tremendous opportunities for technological transformation in the Egyptian economy, praising the important steps taken by the government to facilitate the growth of technology-dependent businesses in Egypt.
Algebra Ventures works to support its companies in various ways, including providing financial investments, helping to develop strategies, as well as taking care of human resources.
And intensifies its efforts to enhance communication between its companies and the most qualified and ambitious. In addition, Algebra expanded its internal team to enable it to maintain growth and ensure that the company’s vision is implemented efficiently.
Tarek Asaad, Managing Partner at Algebra Ventures, added that the past years in Egypt have witnessed a remarkable development in the technology entrepreneurship system in Egypt, which has grown steadily over the past ten years, rising significantly in the past three years, surpassing maximum expectations.
He explained that the new fund focuses on investing in the fields of financial technology, agricultural technology, logistics and health care by continuing cooperation with founders with high capabilities to fill specific gaps in the market.
The article “Algebra Ventures” launches a second $ 90 million fund to invest in startups that was written in Al-Borsa newspaper.