Wednesday
November 16
2022

Modus Expands to Sub-Saharan Africa With the Launch of Its AI and Blockchain-Focused $75 Million Fund

By Tage Kene-Okafor

New York-based venture platform Modus has launched Modus Africa, a venture capital fund for AI and blockchain startups across sub-Saharan Africa, TechCrunch has learned. The fund is expected to reach its first close in the first quarter of next year.

The spinoff continues Modus’s string of moves over the past 18 months, which has seen it add branches in Abu Dhabi, Cairo, and, most recently, Riyadh, supported by institutions like Mubadala’s Hub71. Modus says that its entry into Africa creates an “additional conduit of market access for Modus portfolio companies while also enabling African startups to scale into the MENA region.”

As a “holistic venture platform,” Modus runs three business units focusing on entrepreneurs and startups in the MENA and GCC regions. They include the Venture Builder, which works with idea and early-stage MVP stage companies. Then there’s Corporate Innovation, a service platform that leverages the firm’s internal know-how to support corporations and government entities. And its Venture Capital arm provides investment to early and midstage-sized startups, such as staffing platform Ogram.

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Source: TechCrunch (link opens in a new window)

Categories
Entrepreneurship, Technology
Tags
artificial intelligence, blockchain, entrepreneurs, startups