Modus Launches $75M Venture Fund to Fuel African Blockchain & AI Innovation
New York-based venture capital firm Modus has announced the launch of Modus Africa, a dedicated $75 million fund focused on nurturing early-stage blockchain and Artificial Intelligence (AI) startups across the African continent. This significant investment signals a growing global interest in the potential of African tech companies to drive innovation and solve pressing challenges using cutting-edge technologies.
Empowering African Tech Talent with Strategic Funding
Headed by experienced General Partners Vianney Mathonnet and Andre Jr. Ayotte, both deeply familiar with the African startup landscape, Modus Africa aims to bridge the funding gap often faced by innovative ventures in the region. The fund intends to invest in 45 Seed+ stage startups, providing crucial capital and strategic support to accelerate their growth and impact. By focusing on ventures utilizing blockchain and AI, Modus Africa is strategically targeting sectors with high growth potential and the ability to address key challenges in areas like fintech, agriculture, healthcare, and logistics across the continent. Furthermore, the fund plans to allocate capital for follow-on investments, ensuring continued support for promising portfolio companies as they scale.
Modus Africa’s launch represents a significant step towards fostering a more vibrant and sustainable tech ecosystem in Africa. The fund’s investment strategy will attract further foreign investment to the region, creating jobs, driving economic growth, and empowering local talent to develop innovative solutions for the continent’s unique needs. The fund is set to close in Q1 2023.
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