Algebra Ventures closed a $54 million fund; 4 years later, six portfolio companies were valued at over $350 million

Algebra Ventures is an Egyptian venture capital firm. It backed 21 startups with its first $54 million fund. After four years, six of its most established portfolio companies had reached a combined valuation of more than $350 million, according to the firm.

These figures were reported in April 2021, when Algebra Ventures announced plans to launch a second fund worth $90 million. At the time, the firm said its six most established companies were also generating more than $150 million in annual revenue. They had collectively created over 20,000 direct and indirect jobs.

It was founded by Tarek Assad and Ziad Mokhtar in 2016. Karim Hussein later joined the firm as a managing partner. The company was established to provide venture capital to technology startups in Egypt.


The first fund attracted investment from Cisco, and many other institutions.

Which companies did Algebra Ventures back?

Its first fund invested in reportedly 21 startups across Egypt and the wider Middle East and North Africa region. The portfolio included businesses working in financial technology, healthcare, logistics and online services.

Halan was one of its notable investments. The portfolio also included Brimore, a social commerce company, and Yodawy, a digital pharmacy and healthcare platform.

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Algebra Ventures did not reportedly disclose individual valuations for the six companies that together were valued at more than $350 million in 2021.

Why did it launch a second fund?

Algebra Ventures announced a second fund in April 2021 with a target of $90 million. It planned to focus on Egypt, and also expand its investment activity into other parts of Africa and the Middle East. It was intended to support more technology businesses as they grew.

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It said it would continue investing across sectors such as financial technology, logistics, healthcare and agriculture.

Algebra Ventures also planned to invest in companies at different stages of development, particularly those raising Series A funding. At the time, its typical investment size ranged from $500,000 to $2 million.

The fundraising effort later exceeded its original target. In October 2022, Algebra Ventures announced that it had reached a $100 million first close for its second fund.