The European Bank for Reconstruction and Development (EBRD) and FMO are both considering investments in Algebra Ventures‘ latest fund. If approved, the development finance institutions will commit a total of $25 million between them to the fund which was launched earlier this year. At $15 million, EBRD would be investing the larger of the two, but both investments would lift the amount of capital raised by the fund to more than $40 million. Egypt-based Algebra Ventures has set itself a $90 million target for the fund’s final close, making it almost double the size of the venture firm’s first fund.
Unlike its predecessor which limited its investment participation almost entirely to Series A deals, Algebra Ventures II’s mandate expands the size and stage of its investees, sourcing and executing transactions in the Seed through Series B stages of a startup’s lifecycle. The decision to broaden its focus came about as Algebra’s investment team found interesting seed and Series B opportunities while sourcing deals for Algebra’s first fund.
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