Modus expands to subSaharan Africa with the launch of its AI and blockchainfocused $75M fund

News Summary

  • Modus says that its entry into Africa creates an “additional conduit of market access for Modus portfolio companies while also enabling African startups to scale into the MENA region.”As a “holistic venture platform,” Modus runs three business units focusing on entrepreneurs and startups in the MENA and GCC regions.
  • Nevertheless, the six-year-old VC firm isn’t only taking a chance on purely AI and blockchain startups; instead, it is cutting checks in startups across broader sectors that are implementing those technologies into their products.
  • New York-based venture platform Modus has launched Modus Africa, a venture capital fund for AI and blockchain startups across sub-Saharan Africa, TechCrunch has learned.
  • And despite the current macroeconomic trends and conditions that have resulted in layoffs, down rounds and shutdowns, startups on the continent are set to top last year’s fundraising record numbers.Unlike other firms with marked funds interested in Africa, Modus’s interest in AI and blockchain technologies is intriguing.
  • These checks will range from $350,000 to $1.2 million across both stages.“We as a fund will reinvest in our winners and our LPs are also looking to reinvest in them outside the fund, catalyzing even more money in the ecosystem in Africa,” said the partners.
  • Though it has household names such as Tunisia’s InstaDeep, Kenya’s Sama, and South Africa’s DataProphet — and several web3 startups claiming to build on the blockchain — Africa’s AI and blockchain sectors are still relatively nascent.
New Yorkbased venture platform Modus has launched Modus Africa, a venture capital fund for AI and blockchain startups across subSaharan Africa, TechCrunch has learned. The fund is expected to reach [+5122 chars]