Modus, a New York-based venture platform has announced the launch of Modus Africa, a venture capital fund for AI and blockchain startups across sub-Saharan Africa.
- The firm disclosed that it will invest 50% of the fund in 45 seed-stage startups and allocate the rest to follow-on investments, especially in Series A rounds. With check sizes ranging between $350K to $1.2 million.
- Modus believes that Africa has the potential of achieving over 200 million new blockchain users in the next 4 years fueled by necessity and a fast-growing tech-savvy population.
- That's why the fund is focused on startups that are utilizing AI and Blockchain technologies that will not only accelerate the African 4th Industrial Revolution, but also deliver strong financial returns and achieve the SDGs.
- In a statement, the firm said it will source, invest, and support startups that are leapfrogging ahead by merging traditional Web2 businesses with Web3 technologies.
- The fund is sector agnostic, but will focus primarily on investing in early-stage startups where the growth for AI and Blockchain applications are the strongest.
- This news is a continuation of Modus’s expansion moves over the past 18 months, which has seen it add branches in Abu Dhabi, Cairo, and, most recently, Riyadh.