Modus Capital plans to launch venture builders in Saudi Arabia and will focus on the e-gaming sector. Agile Ventures focuses on Saudi Arabia, the GCC and Red Sea economies.
Modus Capital, a New-York based venture platform, has acquired Saudi-based startup Agile Ventures. Modus Capital’s ecosystem includes VC funds, venture builders and a corporate innovation arm.
Agile Ventures is a Jeddah-based venture builder that was established in 2016 to develop digital platforms in Saudi Arabia. Modus Capital is planning to use the acquisition as a vehicle through which to launch a series of venture builders in Saudi Arabia and to find talented founders within the Kingdom.
Modus Capital and KSA
Modus aims to support Saudi’s ambitious Vision 2030 of boosting the country’s innovation ecosystem by educating and supporting entrepreneurs, and increasing the number of high potential top-tier startups through venture building. Kareem Elsirafy, Managing Partner at Modus said, “We’re thrilled to partner with the Agile Ventures team as we continue on our journey of building companies that bring value to the ecosystem. Our KSA Venture Builders will provide access for Modus’ existing portfolio companies to enter the Saudi market, will leverage the country’s highly skilled workforce to grow the Saudi VB to include over 100 teammates, and generate new job opportunities through the companies we build. This is already reflected in our acquisition of Agile Ventures, who are a rockstar team with extensive experience in the Saudi ecosystem, and we’re looking forward to building startups and supporting founders alongside them.”
Venture building teams
Modus Capital’s KSA-based builder will include several Venture Building teams, and with one exclusively focused on developing the country’s e-gaming industry. Ahmad Abutaleb, Co-Founder and CEO at Agile Ventures concluded, “Successful venture building is about an empowering culture and proper processes; that’s what we love about Modus. We share similar values, cultural beliefs, and each has robust Venture Building frameworks. Modus believes in Vision 2030 and together, we are building a solid team to develop innovative startups that can add value to the economy and equip Saudi talent with the skills required in the 21st century. We believe together, we will do extraordinary work.”
Globally, the gaming industry is worth over USD 300 billion, with 75% of participants under the age of 35. Over half the population of the GCC is under 25 years old and the gaming scene in the region continues to grow.
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