Algebra Ventures‘ second fund, which was launched with a target of $90 million earlier this year, is being considered for a healthy commitment from a major development finance institution. Algebra Ventures II, which, when closed, will be almost double the size of the Egypt-based venture firm’s first fund, looks likely to land up to $15 million from International Finance Corporation. The DFI is also considering allocating an additional $15 million in capital to a separate co-investment envelope to invest alongside some of the fund’s deals. A decision is on the investment is expected by the end of November.
Algebra Ventures II will expand the types of opportunities it will back to include seed and Series B stage investments. The firm’s first fund focused almost entirely on Series A deals, but in deploying the fund’s capital the investment team came across interesting opportunities in seed-stage and Series B stage companies which will now be included in the new fund’s mandate. Ultimately, Algebra Ventures is aiming to build s similar-sized group of assets for the new fund as it has with its predecessor, which has 21 companies in its portfolio.
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