North African startups to benefit from new $75m investment fund
Modus Capital, a hybrid venture capital firm based out of New York and Cairo, has announced the launch of its first regional fund, which has raised US$75 million to invest in growth-stage companies across the Middle East and North Africa (MENA).
The Modus MENA Venture Fund 1 (MMVFI) is targeting a range of industries and structured to invest across asset stages from early to lower-mid market.
Modus Capital said the fund will invest in companies that have strong positive social impact as a by-product, including those with a focus on women and financial inclusion, health, education, and battling unemployment. The first investment from the fund was made in the fourth quarter of last year.
The company is making investments through an incubation programme starting from US$50,000 to US$250,000, and up to US$1 million for seed and Series A rounds. The verticals that the firm has particular interest include fintech, e-health, e-commerce, enterprise and consumer SaaS products, and products leveraging blockchain protocols.
Read more from source article: https://disrupt-africa.com/2019/11/north-african-startups-to-benefit-from-new-75m-investment-fund/
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