Cairo — Avanz Capital Egypt (ACE), a private capital asset management firm, has joined Algebra Ventures’ second fund as a Limited Partner through a secondary transaction executed via its direct investment arm, Avanz Manara. The move marks one of the first secondary LP deals in Egypt’s venture capital ecosystem.
Algebra Ventures, which raised a $100 million Fund II in 2022, has been at the forefront of backing Egypt’s most promising tech founders. The collaboration with Avanz is expected to deepen capital inflows, drive innovation, and strengthen support for startups shaping Egypt and Africa’s digital economy.
Haytham Wagih, Managing Director at Avanz Capital Egypt, highlighted the significance of the deal:
“We are proud to partner with Egypt’s leading tech-focused venture capital firm. This transaction represents not only one of the first secondary LP investments in Egypt, but also a milestone that reflects the strength and growth of the local ecosystem. Algebra has consistently pioneered venture capital in Egypt, backing some of the country’s most notable startups. Joining its second fund aligns perfectly with our strategy to support Egypt’s entrepreneurial ecosystem while also capturing opportunities across the wider African continent.”
Tarek Assaad, Managing Partner at Algebra Ventures, welcomed the new partnership:
“As pioneers of secondary transactions, Avanz brings both experience and commitment to our fund, and we are proud to welcome them as LPs in Fund II. Avanz has long been bullish on supporting the growing VC landscape in Egypt. We have built a strong relationship with the team over the years through joint investments and deeply appreciate our growing partnership. Together, we are excited to continue supporting visionary tech founders in Egypt and across Africa, helping them shape the future.”
The partnership underscores the growing investor confidence in Egypt’s startup ecosystem. By executing one of the country’s first LP-led secondary transactions, Algebra Ventures and Avanz Capital Egypt are paving the way for greater collaboration, increased capital inflows, and stronger support for entrepreneurs driving digital innovation across Egypt and the wider African region.
