Modus Capital, a New York and Cairo, Egypt-based hybrid venture capital firm, has launched its first regional fund, at USD $75M.
Modus Mena Venture Fund I will focus on MENA-based early stage/post-accelerator technology companies as well as Small-to-Medium Enterprises (SMEs) where technology can enable them to grow rapidly across the Middle East and North Africa.
The vehicle 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 fund is structured to invest across asset stages from early to lower-mid market.
Led by Kareem Elsirafy, Founder and Managing Partner, Modus Capital is making investments through an incubation program starting from USD $50k to $250k and up to $1m for Seed and Series A rounds.
The verticals that the firm has particular interest include FinTech, HealthTech, Direct to Consumer e-commerce, Enterprise & Consumer SaaS products in addition to products leveraging Blockchain Protocols.
The fund has built its portfolio with 8 companies including:
– DXwand, an AI driven Cognitive CRM software that automatically responds to businesses communications through various social channels, converting chats into proprietary insights and analytics further supporting data driven business and growth decisions.
– iSupportCause, an online platform launched from the United Arab Emirates in 2015.
– Arbor, an app that lets users create, share, and manage a network in an efficient and green way.
– Yumzy, an app where home and professional chefs can receive tips for their culinary masterpieces.
– Meddy, a web-based platform that allows patients to find doctors (and hospitals) and book appointments.