FinTech news in Algebra Ventures category

It spotlights a decisive vote of confidence from the firm’s first fund investors, who have invested larger tickets in the second fund and commitments from new investors who share its vision for the potential of VC in Egypt and the region. In a past interview, managing partners Tarek Assaad and Karim Hussein told journalist that the firm hopes to back 31 startups from the second fund, which focuses on seed to Series B startups building in fintech, logistics, health tech, edtech and agritech sectors. Large institutional investors, including DFIs such as FMO, BII and IFC, are backing Algebra’s second fund — the IFC and FMO made $15 million and $10 million commitments into the fund, respectively. Last April, Egyptian and MENA-focused venture capital firm Algebra Ventures announced the launch of its $90 million second fund.

The automotive marketplace where customers can sell and buy used cars has raised a pre-seed round of $12.6 million–the largest of its kind in MENA and sub-Saharan Africa, besting what Rabbit, a 20-minute convenience delivery startup, pulled in last November.

The founders say that while sellers often want the products at their doorsteps, the availability and flexibility of both options differentiate Brimore from similar social commerce platforms such as Taager. The opportunity in the market can be attributed to the growth in online social sellers in the country, over 1.25 million them, helping little-known brands sell and distribute their goods via different networks.