US-based venture capital firm Modus Capital is to launch in Egypt and develop a Mena-dedicated investment fund.
A statement from Modus discloses that the fund will make its investments via an incubation programme with ticket size between $50,000 to $250,000, and up to $1 million for Seed and Series A rounds.
Investments will focus on startups across the region and technology-led sectors including fintech, healthtech, consumer software-as-a-service and blockchain protocol application.
Kareem Elsirafy, Modus managing partner and founder, told Daily News Egypt that the fund will aim to invest in at least 10 companies in its first year with 60% of the fund allocated to companies with established profitability and the remaining 40% focused on early stage startups.
In addition to the fund itself, which will be managed by Modus Capital, the firm is setting up a number of affiliate companies to provide operational support to the startups it invests in as well as organizing events and conferences and a number of co-working spaces in Cairo and across the region.
©2018 funds global mena