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IFC today announced an investment in the second fund from Algebra Ventures to support tech startups with access to finance and drive innovation and job creation primarily in Egypt. IFC’s USD 15 Mn 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 fund, which has a target size of USD 90 Mn, will have a special focus on women-led businesses and those serving rural communities. The investment is part of IFC’s strategy to support Africa’s blossoming start-up and entrepreneurship ecosystem.