Blockchain VC platform Modus announces expansion to sub-Saharan Africa
Modus, a venture platform operating in the MENA region, 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 start-ups powered by AI and blockchain technologies. The fund is led by two general partners, Vianney Mathonnet and Andre Jr. Ayotte.
Modus Africa will source, invest, and support start-ups that are leapfrogging ahead by merging traditional Web2 businesses with Web3 technologies.
Modus has expanded rapidly in the past 18 months with branches in Abu Dhabi, Cairo, and most recently, Riyadh, supported by backers such as Mubadala’s Hub71, USAID, and several other institutions. The entry into Africa adds an additional conduit of market access for Modus portfolio companies while also enabling African start-ups to scale into the MENA region.
Kareem Elsirafy, managing partner at Modus commented, “Modus is proud to be launching an Africa-MENA investment corridor to continue supporting and investing in emerging innovation ecosystems. The Modus platform is uniquely positioned to deliver impact and value to African communities through operational, institutional, and financial capital. We’re excited to have Vianney and Andre leading the way on this journey.”