According to a source on PRNewsWire, Modus Capital, a ventrue capital fund, announced its first regional funding plan: MODUS MENA VENTURE FUND I (MMVFI). The fund amounts to USD75 Million targeting new companies in the Middle East and North Africa (MENA).
The fund will focus on firms with a social impact, targeting those that focus on women and drive financial inclusion, health, education and allevating unemployment. The target is SMEs and early-stage companies to deter risk, which is much lower for more mature firms.
The funding process is happening through incubation starting from USD50,000 up to USD1 Million with an industry focus on inTech, HealthTech, Direct to Consumer e-commerce, Enterprise & Consumer SaaS products in addition to firms with an interest in blockchain. The goal is to create an ecosystem in the region. The company plans to expand funding to the GCC later on.
Modus Operations will be supporting the entities through their progress with Modus Events hosting workshops and Modus Collective creating co-working spaces. “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,” commented Kareem Elsirafy, Founder and Managing Partner of Modus Capital.