ArabFinance: The European Bank for Reconstruction and Development (EBRD) has approved a $15 million equity commitment to Algebra Ventures second tech fund, a statement by the bank said.

The fund will form part of the Bank's Early-Stage Innovation Facility, a EUR 100 million facility through which the EBRD selectively invests in early-stage venture capital funds.

The Bank's participation will support the Fund in reaching its target size. Algebra Venture is targeting a $60 million first close for its latest fund, which was initially targeted for the third quarter (Q3) of 2021.

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