New York VC Modus Capital launches $75 million MENA fund
New York based venture capital firm Modus Capital has launched a $75-million Middle East and North Africa (MENA) focused fund.
The firm said in a statement earlier this week that its Modus Mena Venture Fund I (MMVFI) will, through an incubation programme, make investments of $50 000 to $250 000 and also invest Series-A rounds of up to $1-million.
Modus is looking to invest in early and growth stage tech startups as well as tech-enabled small businesses in the region that have a strong social impact. These it said include firms with a focus on education, financial inclusion, health, women and unemployment.
Modus Capital’s Modus Mena Venture Fund I will invest Series-A rounds of up to $1-million
Target verticals include fintech, healthtech, e-commerce, enterprise and consumer software-as-a-service products as well as solutions that leverage blockchain protocols.
Modus Capital founder and managing partner Kareem Elsirafy (pictured above) said the VC actively assists entrepreneurs in building transformational businesses by not only investing in them, but also partnering with them to create the most effective strategies to take their company to the next level.
“We allow investors to participate in high-value, high-growth opportunities while operationally supporting entrepreneurs and guide them with our seasoned experts, propelling them to realise their goals,” added Elsirafy.
Plans for collaborative work spaces in Cairo
Modus Capital, which launched an office in Egypt in October last year, also said it is looking to launch regional-co-working spaces and a series of curriculum-based programmes and workshops that will address local entrepreneurial challenges and skill gaps.
It aims to do this through three subsidiaries, Modus Operations, Modus Events and the Modus Collective.
The Modus Operations team — which will consist of marketers, product managers, growth hackers, operators, strategists, designers, and technical developers — will provide startups with support through their various stages of growth.
Modus Events will facilitate knowledge transfer and encourage collaboration among different stakeholders of through highly-focused workshops and events.
The Modus Collective, which will be launched in Cairo and Dubai next year, will create collaborative work spaces. Source: Venture Burn