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Algebra Fund II secures $10m to boost Egyptian tech startups. 1 other story and a trivia



This line-up of stories will help you discover the latest happenings around the tech world, today

1. Algebra Fund II secures $10m to boost Egyptian tech startups

Algebra Fund II, through Algebra Ventures, has announced securing $10 million from the Dutch Entrepreneurial Development Bank, FMO, and other investors.

The company confirmed the new funding in a press release seen by Ripples Nigeria on Thursday.

Ripples Nigeria gathered that the agreement to fund was signed in the presence of the Dutch ambassador in Cairo, H.E. Mr. Han-Maurits Schaapveld.

Algebra Ventures, which is a venture capital fund, invests in early-stage technology companies.

The Cairo-based VC was cofounded by Founders Karim Hussein, Tarek Assaad, and Ziad Mokhtar in 2015.

According to the press release: “The fund will pursue early-stage investment opportunities in fintech, agritech, edutech, logistics, e-commerce, and healthcare start-ups by partnering with high-potential founders to address specific market gaps in these sectors.”

Algebra Ventures has, till date, invested in 21 startups through its initial $54 million fund.

Tech Trivia: What are individual letters in a word processing document called?
A. Strings
B. Integers
C. Characters
D. Symbols
Answer: see end of post

Read also:VC firm, Rali Cap, secures US$30m to support African fintech startups

2. Mx51 secures $22m Series B round

An Australian paytech company, mx51, has secured around $22 million (AUD 32.5 million) in a Series B round from an undisclosed investor.

The investment also saw participation from existing investors including Mastercard, Acorn Capital, Commencer Capital, Rampersand, and Artesian.

CEO and co-founder of mx51, Victor Zheng, confirmed the Series B fund in a media release on Thursday.

mx51 is a Sydney-based paytech that claims to empower acquirers and payment providers to connect seamlessly with merchants and their customers.

Playing in the fintech industry, the startup was founded by Magnus Hsu, Steven Hadley, and Victor Zheng in 2020.

Zheng, while commenting on the raiser and intent said: “Thanks to our partnerships to date, we estimate we now have the means to access a significant share of Australia’s merchant market.

“With this new capital, we’re poised for an aggressive rollout over the next few years, first in Australia and then abroad.“

Trivia Answer: Character

A character is any letter, number, space, punctuation mark, or symbol that can be typed on a computer.

The word “computer,” for example, consists of eight characters.

By Kayode Hamsat

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