Cairo - FMO, the Dutch entrepreneurial development bank, has signed a $10 million commitment to the second fund of Algebra Ventures, an Egyptian venture capital company.

Launched in April 2021, Algebra Fund II invests in technology start-ups in Egypt and pursues early-stage investment opportunities in fintech, agritech, edutech, logistics, e-commerce, and healthcare start-ups, according to a recent press release.

The FMO has invested in the second fund through the FMO Ventures Programme, a EUR 200 million investment programme.

The other investors in the $90 million fund include the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD).

Algebra Ventures has already invested in 21 startups through its $54 million inaugural fund.

The Managing Partner at Algebra Ventures, Karim Hussein, said: "FMO’s wealth of experience and knowledge across the African continent and their deep expertise in agritech and fintech, in particular, are of significant strategic value to Algebra. We look forward to working closely with FMO to support exceptional companies in Egypt and across Africa."

Meanwhile, the Head of the FMO Ventures Programme, Marieke Roestenberg, commented: "FMO believes regional investors like Algebra Ventures play an instrumental role in both the creation and maturing of markets."

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