Mubasher: New York-based entrepreneurial venture capital firm Modus Capital has launched its first regional fund in the Middle East and North Africa (MENA) region.

The $75 million MODUS MENA VENTURE FUND I (MMVFI) will focus on investing in MENA-based early and growth stage technology companies and small- and medium-sized enterprises (SMEs) which need technology to accelerate growth, according to a statement on Tuesday.

In November 2018, Modus Capital launched its office in Egypt, following its first investment in the MENA region during the fourth quarter of 2018.

“The fund also includes an allocation for US based companies that are portable to the MENA region,” the statement showed.

The New York-based hybrid venture capital firm is injecting investments through an incubation programme starting from $50,000 to $250,000 and up to $1 million for seed and series A rounds, mainly focusing on financial technology, health technology, direct to consumer e-commerce, enterprise and consumer software as a service (SaaS) products, and products leveraging blockchain protocols.

In 2019, the fund’s portfolio included eight companies, “actively [assisting] entrepreneurs in building transformational businesses by not only investing in them, but also partnering with them to create the most effective strategies to take their company to the next level,” founder and managing partner of Modus Capital, Kareem Elsirafy, noted.

Modus Capital does not only provide funding to companies, but also “offer an all-inclusive solution, harnessing the global expertise for a dynamic MENA market,” Elsirafy remarked.