Modus, a Venture Platform operating in MENA comprising VC funds, Venture Builders, and a Corporate Innovation arm, partnered with the United States Agency for International Development (USAID), to launch MV Builder II, a Venture Builder in Egypt that will build and support startups driving digital inclusion for the country’s women and underserved populations.
The Venture Builder will support Egypt’s entrepreneurship ecosystem by providing startups with the operational and technical support they need to grow from the concept stage to a market-ready product, ready for institutional funding. MV Builder II is a 9-18 month tailored program.
MV Builder II is sector agnostic and it will also focus on startups boosting financial inclusion, digital literacy, access to equitable healthcare and education, and reducing Egypt’s digital gender divide.
USAID is supporting MV Builder II through a partnership with Modus under Digital Invest, a blended finance program that seeks to mobilize private capital for digital connectivity infrastructure and digital financial services that strengthen open, reliable, inclusive, and secure digital ecosystems in emerging markets.
“We’re excited to partner with a like-minded organization that is dedicated to transforming communities and countries to prosper and thrive. USAID’s support of Venture Building as a key driver for building impactful and sustainable businesses in the region, and their mission of addressing underserved populations in Egypt, is critical to the success of our partnership. We look forward to coming together with USAID and applying our internal know-how of building scalable companies in the Egyptian market to collectively create positive societal and economic changes in the country, and for its underserved individuals,” Simon Tkachenko, Partner at Modus, said.
Earlier this month, Modus launched its $75M Africa-focused VC fund to invest in the boldest impact-driven startups, powered by Blockchain and AI technologies. Graduates of MV Builder II will have the opportunity to gain investment from Modus’ MENA and Sub-Saharan Africa funds.
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