Modus Capital collects $75m for MENA-focused fund

Modus Capital, a hybrid venture capital firm, has released its first regional fund with $75m at its disposal.

The Modus MENA Venture Fund will solely back early and growth stage companies across the Middle East and North Africa (MENA). It has positioned the vehicle to invest across a range of industries including FinTech, HealthTech, direct to consumer e-commerce, enterprise and consumer SaaS products and blockchain protocols.

Portfolio companies will need to have a strong positive social impact as a by-product, including those with a focus on women and financial inclusion, health, education, and unemployment.

A portion of the funds has been set aside for US-based companies which are portable to the MENA region.

Investments will range from $50,000 to $1m for its incubation programme, and seed and Series A rounds.

The fund has already backed eight startups including cognitive CRM software DXwand, chef advice platform Yumzy, and doctor locator Meddy.

Modus Capital founder and managing partner Kareem Elsirafy said, “We actively assist entrepreneurs in building transformational businesses by not only investing in them, but also partnering with them to create the most effective strategies to take their company to the next level.

“We allow investors to participate in high-value, high-growth opportunities while operationally supporting entrepreneurs and guide them with our seasoned experts, propelling them to realize their goals.

“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.”

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