CAIRO - 10 April 2022: The International Finance Corporation (IFC) announced Sunday a $15 million investment in the second fund from venture capital firm 'Algebra Ventures' to support tech startups with access to finance and drive innovation and job creation primarily in Egypt. The IFC's $15 million investment in Algebra Fund II will help support the growth of roughly 20 technology startups, primarily in Egypt but also in Africa more broadly, the IFC said in a press release. Algebra Fund I was the first Egypt-dedicated VC fund and has supported 21 tech startups and created over 3,500 direct and 28,000 indirect jobs. As of June 2021, IFC's global Venture Capital investments reached $1.6 billion in over 100 companies and venture capital funds, supporting nearly 1,700 companies and helping to drive innovation and growth. Algebra Ventures is a $50-million Cairo-based venture capital fund that invests in early-stage technology companies in Egypt and the MENA region who are changing the way we live and do business.

Source: Libya Today April 11, 2022 14:50 UTC