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Cisco backs Algebra Ventures with $10m to support sustainable model of job creation, economic development in Egypt Investment ranges between $500,000 to $2m
Cisco Investments announced a first-time investment in Egypt with a $10m investment in Algebra Ventures to invest in start-ups and entrepreneurships. The news was announced during the Cairo ICT 2016. "Working with Algebra Ventures has given us the opportunity to fulfill a commitment we made in 2011 to seed a sustainable model of job creation and economic development in Egypt. This investment will target small businesses that provide innovative products, services, and solutions," explained Ayman Elgohary, managing director for Cisco Egypt and Libya. The executive director and co-founder of Algebra Ventures, Khaled Ismail, said that the fund will invest in innovative start-ups in the seed funds phase. He noted that companies in this phase suffer from funding shortages that affect many of them negatively, which eventually lead to their closure. He added that the fund will rely on several indicators to choose the right companies to invest in. He explained that among these indicators are the innovative idea and reliance on communication and information technology solutions. "Start-ups should also have a potential for growth in the regional and local markets, and on an international level," he added. Moreover, he pointed out that companies should also be composed of coherent teams. Ismail added that the fund will not only supply money, but also offers training and rehabilitation to assist companies in building relations with major companies in their sector. He said that the value of funding ranges from $500,000 to $2m per start-up. Daily News Egypt had last year highlighted remarks made by Elgohary on Cisco's intention to start an entrepreneurship investment fund in Egypt.
