Modus and USAID will build and support startups driving digital inclusion for the country’s women and underserved populations.
Modus Capital, a Venture Platform operating in Mena comprising VC funds, venture builders, and a corporate innovation arm, has partnered with the United States Agency for International Development (USAID), to launch MV Builder II – a Venture Builder in Egypt that will aim to build and support startups driving digital inclusion among the country’s women and underserved populations.
Modus Capital: Supporting underserved communities
MV Builder II will support Egyptian entrepreneurs by providing a range of operational and technical support to accelerate startups from the concept stage to a market-ready product until they are ready for institutional funding. While it is sector agnostic, MV Builder II will focus on startups boosting financial inclusion, digital literacy, access to equitable healthcare and education, and reducing Egypt’s digital gender divide.
Partnership with USAID
USAID has partnered with Modus under Digital Invest, a blended finance program that seeks to mobilize private capital for digital connectivity infrastructure and digital financial services that strengthen open, reliable, inclusive, and secure digital ecosystems in emerging markets. Digital Invest is an initiative under the Partnership for Global Infrastructure and Investment (PGII) and Digital Connectivity and Cybersecurity Partnership (DCCP).
The partnership will leverage USAID’s technical assistance and Modus’ market knowledge, investment track record, and experience in building scalable and successful mission-driven tech startups.
Simon Tkachenko, Partner at Modus said, “We’re excited to partner with a like-minded organization that is dedicated to transforming communities and countries to prosper and thrive. USAID’s support of Venture Building as a key driver for building impactful and sustainable businesses in the region, and their mission of addressing underserved populations in Egypt, is critical to the success of our partnership. We look forward to coming together with USAID and applying our internal know-how of building scalable companies in the Egyptian market to collectively create positive societal and economic changes in the country, and for its underserved individuals.”
High tech startups
Earlier this month, Modus launched its USD 75 million Africa-focused VC fund to invest in impact-driven startups, powered by Blockchain and AI technologies. Graduates of MV Builder II will have the opportunity to gain investment from Modus’ Mena and Sub-Saharan Africa funds.
Last month, Modus acquired Agile Ventures, a Jeddah-based venture builder that was established in 2016 to develop digital platforms in Saudi Arabia.