New York-based Modus Capital has launched its first regional fund, Modus MENA Venture Fund I (MMVFI), a $75 million fund targeting early and growth-stage companies across the Middle East and North Africa.
The fund also includes an allocation for US-based companies that are portable to the MENA region. The asset allocation by stage serves as a major de-risking measure to Limited Partners as more mature companies carry significantly less risk.
The hybrid venture capital firm is making investments through an incubation programme starting from $50,000 to $250,000, and up to $1 million for seed and Series A rounds.
The firm has funding interest in fintechs, healthtech as well as direct to consumer e-commerce, enterprise and consumer SaaS products in addition to products leveraging blockchain protocols, said Modus Capital.
The first investment from the fund was made in Q4 2018 and it was complemented with the launch of the Egyptian office in November the same year.