New York-based hybrid venture capital firm Modus Capital has launched a $75 million fund targeting early and growth stage companies across the Middle East and North Africa.
The Modus MENA Venture Fund I (MMVFI) will invest in companies that have a strong social impact, including those with a focus on women and financial inclusion, health, education and battling unemployment.
Investments will be made through an incubation program starting from $50,000 to 250,000, and up to $1 million for Seed and Series A rounds.
Verticals of particular interest include fintech, health-tech, direct to consumer e-commerce, enterprise and consumer SaaS products, in addition to products leveraging blockchain protocols.
“We actively assist 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,” said Kareem Elsirafy, founder and managing partner of Modus Capital.
In addition to Modus Capital, the group has launched Modus Operations, Modus Events and the Modus Collective, which will create collaborative co-working spaces, with plans to inaugurate the concept in Cairo & Dubai in mid-2020.
The fund has eight companies in its portfolio in its first year in operation.
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