Having led Brimore’s seed round twelve months ago, Algebra Ventures is back again, leading a group of existing and new investors in the Egyptian startup’s latest capital raise, a $3.5 million pre-Series A round. The other returning investors are 500 Startups and Flat6Labs, while Disruptech and Vision Ventures are entering the firm’s capital structure for the first time. A spokesperson for Brimore declined to disclose the valuation given to the startup for the round.
At $2 million, Algebra Ventures is providing the majority of the capital for the investment. Tarek Assaad, one of the Cairo-based venture firm’s three managing partners, led the deal. As yet, a formal board of directors has not been constituted although this is expected to be laid out when Brimore closes its Series A round which is planned to take place within the next twelve months.
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