Modus, a venture platform operating in MENA comprising VC funds, venture builders, and a corporate innovation arm, launched Modus Africa. The fund is a $75 million SDG-focused VC fund that will invest in Africa’s boldest startups powered by AI and Blockchain technologies.
The fund is led by two General Partners, Vianney Mathonnet and Andre Jr. Ayotte, the fund will nurture the growth and development of Africa’s local tech talent and early-stage impact-driven ventures.
The new fund will close in the first quarter of 2023 and will invest in 45 startups at the Seed+ stage with a follow-on investment allocation, catalyzing foreign investment into the continent.
Modus Africa will source, invest, and support startups that are leapfrogging ahead by merging traditional Web2 businesses with Web3 technologies.
“Modus is proud to be launching an Africa-MENA investment corridor to continue supporting and investing in emerging innovation ecosystems. The Modus platform is uniquely positioned to deliver impact and value to African communities through operational, institutional, and financial capital. We’re excited to have Vianney and Andre leading the way on this journey,” Kareem Elsirafy, Managing Partner at Modus, commented.
The fund is sector agnostic but will focus primarily on investing in early-stage startups where the growth for AI and Blockchain applications is the strongest.
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