Modus, a US-based and MENA-focused VC firm has struck a partnership with USAID to launch a venture builder (MV Builder II) to build and support female-led startups in Egypt and underserved communities.
- The news comes just a week after the company announced the launch of Modus Africa, a venture capital fund for AI and blockchain startups across sub-Saharan Africa.
- The MV Builder II will support the Egyptian entrepreneurial ecosystem by providing operational and technical support to accelerate startups from the idea stage to a market-ready product.
- Although the venture builder is sector-agnostic, it will focus on startups boosting financial inclusion, digital literacy, access to equitable healthcare and education, and reducing Egypt’s digital gender divide.
- USAID, in a statement, said it's supporting MV Builder II through a partnership under Digital Invest, a blended finance program that seeks to mobilise private capital for digital connectivity infrastructure and digital financial services that strengthen open, reliable, inclusive, and secure digital ecosystems in emerging markets.
- The partnership will leverage USAID’s technical assistance and Modus’ market expertise, investment track record, and proven experience in building scalable and successful mission-driven tech startups.
- Through Digital Invest, USAID and Modus will work to overcome this gap by supporting and scaling Fintechs and other tech-enabled startups that provide safe and inclusive products and services to drive new income generation opportunities for women and underserved communities in the country.