North African startups to benefit from new $75m investment fund


Modus Capital, a hybrid venture capital firm based out of New York and Cairo, has announced the launch of its first regional fund, which has raised US$75 million to invest in growth-stage companies across the Middle East and North Africa (MENA).

The Modus MENA Venture Fund 1 (MMVFI) is targeting a range of industries and structured to invest across asset stages from early to lower-mid market. 

Modus Capital said the fund 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 first investment from the fund was made in the fourth quarter of last year.

The company is making investments through an incubation programme starting from US$50,000 to US$250,000, and up to US$1 million for seed and Series A rounds. The verticals that the firm has particular interest include fintech, e-health, e-commerce, enterprise and consumer SaaS products, and products leveraging blockchain protocols.

Modus Capital said it is also further developing the regional ecosystem by launching regional co-working spaces, and a curriculum-based series of programmes and workshops that focus on knowledge transfer and address local entrepreneurial challenges and skills gaps. 

“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 realise their goals,” said Kareem Elsirafy, founder and managing partner of Modus Capital.

“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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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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