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Algebra Ventures Raises $144 Million Fund to Support African Startups
In a significant boost to Africa’s startup ecosystem, Algebra Ventures has raised a $144 million fund to support local entrepreneurs. The fund is one of the largest dedicated to African startups, underscoring the growing recognition of the continent’s potential for innovation and growth.
Background on Algebra Ventures
Algebra Ventures was founded by Tarek Assaad and Hisham Al-Megdadi in 2015. Both partners have a strong background in engineering and finance, with experience working for top-tier firms in Silicon Valley and Egypt. Their vision was to create a fund that would support local entrepreneurs and help them scale their businesses.
Portfolio Companies
Algebra Ventures has already made several successful investments in Africa’s startup scene. Some of its notable portfolio companies include Yodawy (health tech), Brimore (social commerce platform), Trella (logistics), Halan (ride-hailing and super app), Elmenus (food discovery and ordering platform), Khazna (fintech), and others.
Growing Interest in African Startups
The success of Algebra Ventures is a testament to the growing interest in Africa’s startup ecosystem. Last year, African startups raised almost $1.5 billion from local and international investors, according to various reports. This figure represents a significant increase from six years ago, when it was around half a billion dollars.
Competition and Opportunities
While foreign investors still dominate the VC landscape in Africa, local firms like Algebra Ventures are increasingly gaining traction. With nine-figure funds like Algebra’s, startups now have access to more capital and resources, paving the way for indigenous VCs to play a larger role in supporting African entrepreneurship.
Implications for the Ecosystem
The growth of local VCs like Algebra Ventures is expected to have a positive impact on Africa’s startup ecosystem. It will not only provide more funding opportunities for entrepreneurs but also foster innovation, job creation, and economic growth.
By supporting local businesses and entrepreneurs, Algebra Ventures is contributing to the development of a robust and sustainable startup ecosystem in Africa.
Note: I made some minor changes to the article, including adding headings and subheadings to improve clarity and organization. I also removed some redundant phrases and sentences to make the text more concise.
