Modus Capital, a New York-based venture capital firm, has announced the launch of its first regional fund, Modus Mena Venture Fund I (MMVFI), a $75 million fund targeting early and growth stage companies for a range of industries across the Middle East and North Africa (Mena).
The fund aims to invest in technology companies 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. The fund also includes an allocation for US-based companies that are portable to the Mena region.
Modus Capital is making investments through an incubation programme starting from $50,000 to $250,000, and up to $1 million for Seed and Series A rounds with particular interest in financial technology, health technology, direct to consumer e-commerce, enterprise and consumer software as a service (SaaS) products in addition to products leveraging blockchain protocols.
Modus Capital launched its Egypt office last November and has plans to expand to other countries in the region, with plans for establishment in the GCC in quarter one of 2020.
“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. 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 realize their goals,” said Kareem Elsirafy, founder and managing partner of Modus Capital.
“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.”
The fund has built its portfolio with 8 companies in its first year (2019) and made its first investment in the fourth quarter of 2018.