New York-based venture capital firm Modus Capital has unveiled a $75 million venture fund dedicated to startups in the Mena region.
The Modus Mena Venture Fund I will invest in companies across industries that have “strong positive social impact as a by-product, including those with a focus on women and financial inclusion, health, education, and battling unemployment”, stated Modus.
Investments will be made via an incubation programme from $50,000 to $1 million for seed and series A rounds of funding.
Of particular interest to Modus are fintech companies as well as businesses employed in direct to consumer e-commerce, software as a service providers and products employing blockchain technology.
In addition to the providing investment capital, Modus is also planning to open regional co-working space and education programs and workshops to support its investments.
“We believe that institutional investors like Modus Capital have a responsibility to provide more than just funding to their portfolio companies and now is the right time to offer an all-inclusive solution, harnessing the global expertise for a dynamic Mena market,” said Kareem Elsirafy, founder and managing partner of Modus Capital.
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