The IFC’s Board of Directors is set to meet in the middle of July to consider making a $10 million commitment to Algebra Ventures Fund which will target technology and technology-enabled start-ups in Egypt and the broader Middle East and North African region. The closed-end venture fund is looking to raise a total of $50 million.
Algebra Ventures was founded in 2015 by Khaled Ismail, Tarek Assaad and Ziad Mokhtar and, according to wamda.com, has already raised some $40 million. The Egyptian-American Enterprise Fund and the IFC are the most significant backers of the new fund, providing half the funds raised between them.
According to Mokhtar, the fund expects to make its first investment by the end of August this year.