US-based Modus Capital has acquired Saudi Arabia-based startup venture builder Agile Ventures for an undisclosed amount.
- New York-based Modus Capital is a Venture Platform operating in MENA comprising VC funds, Venture Builders, and a Corporate Innovation arm. While Agile Ventures is a Jeddah-based Venture Builder that was established in 2016 to develop new digital platforms in Saudi Arabia.
- Modus’ Saudi Arabia's arm will have several industry-agnostic Venture Building teams, and one exclusively focused on developing the country’s gaming industry.
- This acquisition marks Modus Capitals's official expansion and setup in the Saudi market. Modus aims to directly support Saudi’s ambitious Vision 2030 of boosting the country’s innovation ecosystem by educating and supporting entrepreneurs, and increasing the pipeline of top-tier startups through venture building.
- The acquisition will enable Modus to launch several venture builders in the Kingdom, one of which will focus exclusively on the e-gaming segment.