FMO signs off on commitment to Algebra’s second fund

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FMO has signed off on an investment in Algebra Ventures‘ second fund. The Dutch development bank is investing $10 million in the fund via FMO’s Ventures Program, a €200 million investment program funded by FMO, the Dutch government, and the European Commission. Cairo-based Algebra Ventures is aiming to raise a total of $90 million for the fund by the time it reaches its final close.

Unlike its $54 million 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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