Algebra Ventures
Connect Money scores $8M to enable non-bank businesses to offer embedded finance services
Banking-as-a-service (BaaS) platforms have become instrumental in driving access to digital financial services by introducing fintech capabilities to non-bank businesses. Multiple businesses are tapping these platforms to circumvent the need…
Egypt’s Mtor nabs $2.8M pre-seed for its online auto parts marketplace
Egyptian online auto parts marketplace Mtor has raised $2.8 million in pre-seed investment led by Egypt-focused venture capital firm Algebra Ventures. Other investors that participated in the round include Dutch…
Egyptian venture capital firm Algebra Ventures hits first close of second fund at $100M
Last April, Egyptian and MENA-focused venture capital firm Algebra Ventures announced the launch of its $90 million second fund. It was the sequel to its first: a $54 million fund…
Sylndr, an online used-car retailer, raises $12.6M pre-seed to disrupt Egypt’s automotive market
Egypt is home to one of Africa’s largest vehicle fleets, with over 6 million cars (80% are passenger cars) on its roads. According to this finding, most are used cars;…
Wale Ayeni, head of VC investments for IFC in Africa, Middle East and Central Asia, is leaving the firm
Wale Ayeni, the regional head of venture capital investments for the IFC in Africa, has left the International Finance Corporation (IFC), TechCrunch learned on Wednesday. Ayeni, who also led the…
Egyptian social commerce startup Brimore raises $25M led by IFC and Endure Capital
The Egyptian social e-commerce market will be worth over $14.8 billion by 2024. The opportunity in the market can be attributed to the growth in online social sellers in the…
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African tech took center stage in 2021
Two years ago, the African tech ecosystem saw newfound attention from global players that translated to the continent’s best year of receiving venture capital. From varying sources, it is estimated up to $2 billion went into African tech startups in 2019. With high-profile visits from the most famous Jacks (Ma…
Regional seed and early-stage venture capital firm Flat6Labs has finished raising $10 million for its seed fund targeted at Tunisian startups, according to a statement released by the company. The…
Seed-stage accelerator Flat6Labs closes $13.2M fund for startups in Egypt
Investment activities in Egypt continue to gain steam, not for startups only but also the funds backing them. Today, seed accelerator Flat6Labs announced the second close of its Egypt fund…
After its first $54M fund, Algebra Ventures launches $90M fund for startups in Egypt
The venture capital scene in the North African tech ecosystem will be absolutely buzzing right now with the announcement of two large VC funds in the space of two days.…
