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New York-based venture platform Modus has launched Modus Africa, a venture capital fund for AI and blockchain startups across sub-Saharan Africa. The fund is expected to reach its first close in the first quarter of next year. Modus says its fund is backed by several investors ranging from UHNWI, family offices, private investors, and government-backed entities from the U.S., the EU, and MENA.
Modus runs three business units focusing on entrepreneurs and startups in the MENA and GCC regions. They include the Venture Builder, which works with an idea and early-stage MVP stage companies. Then there’s Corporate Innovation, a service platform that leverages the firm’s internal know-how to support corporations and government entities. And its Venture Capital arm provides investment to early and midstage-sized startups