Modus, a Venture Platform operating in MENA comprising VC funds, Venture Builders, and a Corporate Innovation arm, has announced the launch of Modus Africa – a $75 million SDG-focused VC fund that will invest in Africa’s boldest startups powered by AI and Blockchain technologies.
The founding of Modus Africa coincides with an increase in venture capital investments on the continent. According to MAGNiTT, last year saw a 250% YoY increase in funding for Africa, surpassing the amount invested in MENA. The early-stage impact-driven ventures and local tech talent on the continent will be supported in their growth and development by Modus Africa. With a follow-on investment allocation and 45 investments in startups at the Seed+ stage, the new fund, which will close in Q1 2023, will encourage foreign investment in the continent.