FinTech news in second fund 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.