Algebra Ventures calculates $40m fund

US government-backed Egyptian-American Enterprise Fund has contributed $10m to the vehicle.

The Egyptian-American Enterprise Fund (EAEF), a venture capital vehicle seeded by the US government and aimed at Egypt-based companies, has put $10m into Algebra Ventures’ first fund, according to Daily News Egypt.

The fund, which has achieved an initial $40m close but is targeting a $50m total, is set to back up to 25 startups operating in sectors such as technology intellectual property, fintech, industry platforms, e-commerce and consumer internet.

The fund will supply between $500,000 and $4m to each startup.

EAEF originates from the Enterprise Funds, a $1.2bn program established by the US government following the fall of the Berlin Wall in 1989 and focused on 19 countries across central and eastern Europe as well as the former Soviet Union.

EAEF was proposed by president Obama in 2011 as a reaction to the Arab Spring and formally launched in 2013.

See more from this Government Report: Egypt, US

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