Algebra Ventures, based in Egypt, has received a $15 million IFC commitment.

Algebra Ventures, an Egyptian venture capital firm, has received a US$15 million commitment from the International Finance Cooperation (IFC), a member of the World Bank Group, for its US$90 million second fund.

Algebra Ventures invested in startups such as Trella, elmenus, GoodsMart, and Halan with its first US$54 million fund, and Disrupt Africa reported last year that Algebra Fund II had been announced.

Algebra Ventures’ new US$90 million fund will make its first investments in East and West Africa, with a special emphasis on women-led businesses and those serving rural communities.

With a US$10 million investment, IFC co-anchored Algebra’s first fund, and it is also supporting its second offering. This time, a US$15 million commitment will help support the growth of approximately 20 technology startups.

“We are delighted to see IFC return as a limited partner in our second fund, after investing in our first fund and directly into our portfolio five years ago.” Since the beginning, IFC has been one of our most steadfast partners, believing in our vision even when there was no venture capital in Egypt. “We look forward to further strengthening our partnership in the future,” said Tarek Assaad, managing partner at Algebra Ventures.

Egyptian entrepreneurs, according to Yasmine El-Hini, IFC Egypt country officer and acting country manager for Egypt and Libya, were perfectly poised to drive change in the country’s economy – with the right support.

“With this investment, we are assisting in the advancement of the country’s startup scene and encouraging innovation,” she said.