Early-stage organisations in the Middle East and North Africa (MENA) region are set to benefit from a $75 million investment.
The announcement was made by Modus Capital a firm based in Newyork as its first regional fund on the African continent.
The investment fund named Modus MENA Venture Fund 1 (MMVFI) set to target organisations and tailored towards making investment across different stages of the market.
Kareem Elsirafy, founder and Managing Partner of Modus Capital said, “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.”
According to Kareem, the firm supports entrepreneurs in creating businesses for partnerships so as to help them secure marketing strategies that would make their companies scale.
Modus Capital allows investors to support entrepreneurs while also taking part in the company’s high growth opportunities.
According to the hybrid venture capital firm, the investment goes to organisations that have demonstrated social impact with a focus on the female gender, unemployment, financial inclusion and education.
For the Series-A and seed round funding, Modus Capital through an incubation programme would invest amounts ranging from $50,000 to not less than $1 million.
Start-ups working around blockchain related products, e-health, fintech, and e-commerce ventures are the special interest of the capital firm.
Other benefits start-ups are set to benefit from the million-dollar investment include:
- addressing skill gaps and indigenous challenges faced by entrepreneurs
- providing curriculums and workshops for more knowledge
- establishing MENA co-working spaces
In the fourth quarter of 2018, Modus Capital made its first investment.
Featured Image: behance.net
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