Avanz Capital Egypt Joins Algebra Ventures' $100m Second Fund as Limited Partner
Avanz Capital Egypt became an LP in Algebra Ventures' second, $100m Egypt-focused fund through a secondary transaction, in one of the first secondary LP deals in the country's venture market.
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Algebra Ventures said Avanz Capital Egypt had joined its second fund as a limited partner through a secondary transaction executed via Avanz Manara, its direct-investment arm. The firm described it as one of the first secondary LP deals in Egypt's venture market.
Algebra closed the $100m first close of its Egypt-dedicated Fund II above an initial $90m target, with returning investors including IFC and EBRD and new backers such as FMO, BII and regional family offices. The fund focuses on Series A and B rounds in Egypt and the wider region.