Modus Capital acquired Saudi Arabia-based startup studio Agile Ventures. The acquisition will allow Modus to launch Venture Builders in Saudi Arabia to build with, and invest in the country’s most talented founders.
The acquisition of Agile Ventures comes in line with Modus Capital’s expansion to Saudi Arabia with the aim to boost the country’s innovation ecosystem by educating and supporting entrepreneurs and increasing the pipeline of startups through venture building.
“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,” Kareem Elsirafy, Managing Partner at Modus, said.
Modus’ KSA-based builder will have several industry-agnostic venture-building teams, and one exclusively focused on developing the country’s gaming industry.
Agile Ventures is a Jeddah-based Venture Builder that was established in 2016 to develop new digital platforms in Saudi Arabia.
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