$75M Modus Africa Fund launched to support African AI and blockchain startups

African AI and blockchain startups are set to benefit from Modus Africa fund, an African –focused venture capital firm under the wings of New York-based venture platform, Modus.

The fund is led by two General Partners – Vianney Mathonnet and Andre Jr. Ayotte, who are both veterans of the African startup ecosystem, with several years of experience in the continent.

Modus runs three outfits that seek to support entrepreneurs and startups in the MENA and GCC (Gulf Cooperation Council (GCC) countries through holistic funding opportunities. The businesses include Venture Builder, Corporate Innovation and Venture Capital, which invests in early and mid-stage firms.

Kareem Elsirafy, managing partner of the newly-created outfit said, “Modus is thrilled to be opening an Africa-MENA investment corridor to continue supporting and investing in growing innovation ecosystems.”

“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 will invest in 45 startups at the Seed+ stage with a follow-on investment allocation, catalyzing foreign investment into the continent.” A statement from the firm stated.

The venture firm says that it has already established “a deep foundation” with leading blockchain institutions in the continent including corporates and governments who all share a common vision.

“Modus Africa will source, invest, and support startups that are leapfrogging ahead by merging traditional Web2 businesses with Web3 technologies.” The statement expounded.

With the combined experience of its executives in the African ecosystem, the platform, the platform hopes to deliver impact and value to African communities through operational institutional and financial capital.