Algebra Ventures, a Egyptian venture capital firm, has raised $40m of its $50m target for the Algebra Capital, a tech-focused venture capital fund.

The Egyptian-American Enterprise fund (EAEF) and the International Finance Corporation (IFC) have both committed $10m each to the new fund.

The closed-end venture capital fund that is incorporated in Netherlands, will make investments in technology and technology-enabled startups mainly in Egypt and in other countries in the Middle East and North Africa.

The fund is in talks with entrepreneurs with the first deals expected to be closed by August 2016.

Algebra Ventures was founded in 2015 by KI Angels' Khaled Ismail, and Tarek Assaad and Ziad Mokhtar both principals at EFG Hermes VC fund Ideavelopers.