Karim Hussein, managing partner of Algebra Ventures, revealed the firm’s ambitious plans in an interview with Enterprise News. He highlighted that while Egypt remains their primary focus, they see untapped potential and cross-market synergies in Morocco, Kenya, and Nigeria.

“We plan to invest another $20 million this year,” Hussein stated. “We have a very strong pipeline of interesting businesses.”

This announcement comes at a time when the global startup scene faces economic headwinds. However, Algebra Ventures has been actively filling the funding gap, supporting startups both financially and with talent acquisition.

In 2023, the firm invested over $10 million in ten companies, including Sylndr, Mtor, and DXWand. Their focus on potentially profitable business models has proven resilient in these challenging times.

“We are hopeful that there will be more investment this year from both ourselves and from other regional and international funds,” Hussein expressed.

The float of the Egyptian pound has also opened the gates for international and regional investors to consider Egyptian businesses, which is expected to further boost the startup ecosystem.

Algebra Ventures’ expansion into Nigeria and Kenya reflects a growing trend among Egyptian startups seeking growth opportunities beyond their home market. Hussein emphasized that diversifying across geographies and products is a natural progression for any business.

“Egypt is a big market, but it’s not the only market in the region,” he noted. “It’s natural for any business to diversify its risk.”

While the firm remains optimistic about the future, Hussein also acknowledged the need for regulatory reforms to facilitate startup growth. He specifically highlighted the importance of reducing red tape, improving access to debt, and easing IPO requirements.