- US-based Modus Capital has acquired Saudi Arabia-based startup venture builder Agile Ventures. The value of the transaction remains unknown.
- The acquisition will enable Modus to launch several venture builders in the Kingdom, one of which will focus exclusively on the e-gaming segment.
- Agile Ventures was founded by Ahmed Abutaleb Firas AlMohasen in 2017, and it primarily targets investments in B2B marketplaces in Saudi Arabia, the GCC and Red Sea economies.
New York’s Modus Capital has announced its acquisition of Saudi Arabia-based startup studio Agile Ventures. New York-based Modus is a Venture Platform operating in MENA comprising VC funds, Venture Builders, and a Corporate Innovation arm. Agile Ventures is a Jeddah-based Venture Builder that was established in 2016 to develop new digital platforms in KSA. The acquisition will allow Modus to launch Venture Builders in KSA to build with, and invest in the country's most talented founders.
The acquisition of Agile Ventures marks Modus’ official expansion and setup in the Saudi market. Modus aims to directly support Saudi’s ambitious Vision 2030 of boosting the country’s innovation ecosystem by educating and supporting entrepreneurs, and increasing the pipeline of top-tier startups through venture building. Kareem Elsirafy, Managing Partner at Modus commented, “We’re thrilled to partner with the Agile Ventures team as we continue on our journey of building companies that bring value to the ecosystem. Our KSA Venture Builders will provide access for Modus’ existing portfolio companies to enter the Saudi market, will leverage the country’s highly skilled workforce to grow the Saudi VB to include over 100 teammates, and generate new job opportunities through the companies we build. This is already reflected in our acquisition of Agile Ventures, who are a rockstar team with extensive experience in the Saudi ecosystem, and we’re looking forward to building startups and supporting founders alongside them.”
Modus’ KSA-based builder will have several industry-agnostic Venture Building teams, and one exclusively focused on developing the country’s gaming industry. Ahmad Abutaleb, Co-Founder and CEO at Agile Ventures concluded, “Successful Venture Building is about an empowering culture and proper processes; that's what we love about Modus. We share similar values, cultural beliefs, and each has robust Venture Building frameworks. Modus believes in Vision 2030 and together, we are building a solid team to develop innovative startups that can add value to the economy and equip Saudi talent with the skills required in the 21st century. We believe together, we will do extraordinary work.