Egyptian VC Algebra Capital Launches a $ 50 Million Fund

Egyptian investor Ziad Mokhtar says he has almost closed a new $50 million venture capital fund, named Algebra Capital.

According to Mokhtar, $40 million has been raised, as he said during the Road to Global Entrepreneurship Summit (GES) on Wednesday.

The new fund is raised by Algebra Ventures, a new Egyptian VC firm founded in 2015 by KI Angels’ Khaled Ismail, and Tarek Assaad and Ziad Mokhtar who are both principals at EFG Hermes VC fund Ideavelopers.

Mokhtar has reportedly been talking with entrepreneurs over the last few months and he expected the first deals to be closed in the summer of 2016.

Algebra will target Series A and B investments primarily in technology startups. Mokhtar however also said the fund wants its investment to be as broad as possible, describing Algebra as “opportunistic and generalist”.

He added that the new fund will typically invest between USD 500,000 and USD 1,500,000 in the form of Series A and B investments, which are “crucial for Egypt not to lose momentum”, as he referred to the developments of the Egyptian startup ecosystem.

Half of the funds raised so far have come from the Egyptian-American Enterprise fund (EAEF) and the International Finance Corporation (IFC) which have committed $10 million each.