Cisco Investments has provided capital for the first fund to be raised by Egypt-based VC firm Algebra Ventures, helping it reach a $40m first close.

Networking technology provider Cisco has contributed to the $40m first close of the first fund to be raised by Egypt-based venture capital firm Algebra Ventures, Zawya has reported.

Algebra intends to invest between $500,000 and $4m in each of up to 25 startups operating in areas such as technology intellectual property, financial technology, industry-focused platforms, e-commerce and the consumer internet.

Cisco invested in the fund through its corporate venturing subsidiary, Cisco Investments. Algebra aims to reach a final close of…