MENA-focused venture capital firm Algebra Ventures has reached a first close for its new technology venture capital fund with US$40 million in capital commitments. Investors in the fund include Cisco’s corporate investment arm Cisco Investments and the Egyptian-American Enterprise Fund, an investment fund backed by the United States government, as well as development finance institutions European Bank for Reconstruction and Development and International Finance Corporation, which each committed US$10 million. The fund, which is targeting US$50 million in total commitments, will invest in technology-enabled start-ups in the fintech, e-commerce and consumer internet sectors.