Modus launches $75 million VC fund for blockchain and AI startups in Africa
US-based and Mena-focused VC firm Modus, has launched a $75 million Modus Africa VC fund that will invest in African startups innovating using blockchain and Artificial Intelligence (AI).
By Anna B Kiwanuka
New York-based venture platform, Modus, whose mission is to develop and support startups in the MENA region, has announced the launch of Modus Africa, a $75M VC fund for African startups innovating using blockchain technologies and Artificial Intelligence (AI).
The fund is led by two General Partners, Vianney Mathonnet and Andre Jr. Ayotte, who are also veterans of the African startup ecosystem.
According to Modus’ statement, Modus Africa will nurture the growth and development of the continent’s local tech talent and early-stage impact-driven ventures. The new fund will close in Q1 2023 and invest in 45 startups at the Seed+ stage with a follow-on investment allocation, catalyzing foreign investment into the continent.
Speaking on the formation of Modus Africa, Kareem Elsirafy, the managing partner of Modus, revealed,
“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.”
The management of Modus Africa will be under the direction of the new partners Vianney Mathonnet and Andre Jr. Ayotte. They will be in control of the fund’s investing strategy, direction, and thesis.
Andre and Vianney have been active in the startup space for the past 6+ years and joined forces with Modus to develop innovation ecosystems and uplift underserved populations in emerging markets.
Andre Jr. Ayotte, Partner at Modus Africa commented,
“We’re thrilled to be joining Modus to focus on investing in African companies who have an incredible opportunity to bet on the 4th Industrial Revolution. AI could add another $1.5T by 2030 to the African economy, with about 50% of Africa’s GDP and blockchain already demonstrating its capacity to increase financial inclusion while lowering the overall cost of doing business in Africa.”
The VC firm, however, is not only focused on AI and blockchain startups. The firm is also closing three investments in startups using AI and blockchain across insurtech, fintech, and health tech.