{"id":577445,"date":"2022-11-23T04:00:47","date_gmt":"2022-11-23T04:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/"},"modified":"2022-11-23T04:00:47","modified_gmt":"2022-11-23T04:00:47","slug":"modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/","title":{"rendered":"Modus, USAID launch local venture builder to promote digital inclusion"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>A new venture builder on the scene: <\/strong>MENA-focused venture capital firm <a href=\"https:\/\/modus.vc\/\">Modus<\/a><a href=\"https:\/\/modus.vc\/\">Capital<\/a> and our friends at USAID have launched MV Builder II, an Egyptian venture builder targeting startups working to drive digital inclusion among women and underserved populations, according to a <a href=\"https:\/\/ent.news\/2022\/11\/Modus-partners-with-USAID-to-launch-impact-focused-Venture-Builder-in-Egypt.pdf\">joint statement<\/a><a href=\"https:\/\/ent.news\/2022\/11\/Modus-partners-with-USAID-to-launch-impact-focused-Venture-Builder-in-Egypt.pdf\">(pdf)<\/a> out yesterday.<\/p>\n<p><strong>MV Builder II is sector agnostic, with a focus on financial inclusion: <\/strong>\u201cWe\u2019re looking to onboard ambitious founders \u2026 and particularly startups focused on boosting financial inclusion, digital literacy, access to equitable healthcare and education, and those reducing the digital gender divide in Egypt,\u201d said Modus Partner Simon Tkachenko.<\/p>\n<p><strong>How it\u2019s funded: <\/strong>USAID is supporting MV Builder II through a \u201cblended finance model\u201d under its <a href=\"https:\/\/www.usaid.gov\/digital-development\/digital-invest\">Digital Invest program<\/a>, which aims to mobilize private capital in digital connectivity infrastructure and fintech services in emerging markets. Blended finance is development-speak for using money from an agency such as USAID to attract private capital to a project or investment by effectively de-risking it.<\/p>\n<p><strong>Places are limited: <\/strong>Up to 10 companies will be selected to take part in the program, receiving as much as USD 250k in funding each. Modus\u2019 UAE venture builder, Ventures Lab, received a total of 1.5k applicants, Tkachenko told us.<\/p>\n<p><strong>Interested? <\/strong>Apply <a href=\"https:\/\/gust.com\/programs\/mv-builder-egypt\">here<\/a> before the 15 December deadline.<\/p>\n<p><strong>Modus likes Egypt \u2014 and isn\u2019t fazed by the challenges here:<\/strong> \u201cEgypt is by far the largest [MENA market] in terms of population, and as a result a market opportunity. With Egypt being such a large country, there are complexities with this market that we do not find in other markets we participate in, such as certain regulations around cloud computing or a majority unbanked \/ underbanked population,\u201d Tkachenko told Enterprise.<\/p>\n<p><strong>REFRESHER- Modus last week <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ca1bdb7-a097-4e17-90ea-da0bbd3b220e\">launched a USD 75 mn fund<\/a><\/strong>, dubbed Modus Africa, that will target early-stage African startups, including a number of local companies. The fund will invest in companies that use AI and blockchain technology and is expected to reach first close in 1Q 2023.<\/p>\n<p><strong>About Modus:<\/strong> Modus has established branches in <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/08\/new-york-based-modus-capital-launches-in-egypt\/\">Cairo<\/a>, Abu Dhabi, and most recently Riyadh, and is supported by backers including Mubadala's <a href=\"https:\/\/hub71.com\/\">Hub71<\/a> and USAID. It participated in Egypt-based blockchain email service provider Pravica\u2019s USD 500k pre-seed funding round <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d643929-985c-4c10-b994-aa4cf86f338d\">back in 2020<\/a>. Modus launched its first Egyptian venture builder in 2019, which ended up graduating eight regional startups including Emirati mentoring platform <a href=\"https:\/\/www.smartmentor.io\/\">SmartMentor<\/a> and the <a href=\"https:\/\/www.linkedin.com\/company\/play-date\/\">Play:Date<\/a> social media app for parents.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new venture builder on the scene: MENA-focused venture capital firm ModusCapital and our friends at USAID have launched MV Builder II, an Egyptian venture builder targeting startups working to drive digital inclusion among women and underserved populations, according to a joint statement(pdf) out yesterday. MV Builder II is sector agnostic, with a focus on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":577446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[72,95,123,501,6405,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-startup-watch","tag-startups","tag-usaid","tag-venture-builder","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"58a299be-172d-483c-9396-d413f30b06d4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/354.jpg","photo_position":"above","related_issue":[577438],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Modus, USAID launch local venture builder to promote digital inclusion - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Modus, USAID launch local venture builder to promote digital inclusion\" \/>\n<meta property=\"og:description\" content=\"A new venture builder on the scene: MENA-focused venture capital firm ModusCapital and our friends at USAID have launched MV Builder II, an Egyptian venture builder targeting startups working to drive digital inclusion among women and underserved populations, according to a joint statement(pdf) out yesterday. MV Builder II is sector agnostic, with a focus on [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-23T04:00:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/354.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Modus, USAID launch local venture builder to promote digital inclusion\",\"datePublished\":\"2022-11-23T04:00:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/\"},\"wordCount\":400,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/354.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Startup watch\",\"startups\",\"USAID\",\"venture builder\",\"venture capital\"],\"articleSection\":[\"Startup watch\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/\",\"name\":\"Modus, USAID launch local venture builder to promote digital inclusion - 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The fund will invest in companies that use AI and blockchain technology\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/275.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548100,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/26\/allianz-to-hold-40-stake-in-jv-with-sanlam\/","url_meta":{"origin":577445,"position":1},"title":"Allianz to hold 40% stake in JV with Sanlam","author":"enterpriseam admin","date":"26 July 2022","format":false,"excerpt":"Allianz will hold a 40% stake in its new joint venture with South Africa\u2019s Sanlam, an official at Allianz told Enterprise yesterday, confirming a report by Al Shorouk. A blockbuster merger for the African ins. industry: The two companies agreed to merge their Africa operations in May, creating the largest\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/269.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562795,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/07\/e-commerce-platform-tejarra-and-fintech-player-moneyhash-raise-separate-six-figure-usd-rounds\/","url_meta":{"origin":577445,"position":2},"title":"E-commerce platform Tejarra and fintech player MoneyHash raise separate six-figure USD rounds","author":"enterpriseam admin","date":"7 June 2021","format":false,"excerpt":"Egyptian e-commerce platform Tejarra.com has raised a six-figure USD seed investment from venture capital firm Openner, according to a press release (pdf). Openner will provide technical support, expertise, and other resources to help \u201cthe platform\u2019s marketing and sales operations as well as its market success and positioning\u201d through a so-called\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/92.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566265,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/07\/openners-ahmed-elsherif-on-venture-building-what-the-newest-vc-firm-has-under-its-sleeve-for-egypt-and-what-makes-a-startup-venture-backable\/","url_meta":{"origin":577445,"position":3},"title":"Openner\u2019s Ahmed Elsherif on venture building, what the newest VC firm has under its sleeve for Egypt, and what makes a startup \u201cventure-backable\u201d","author":"enterpriseam admin","date":"7 June 2021","format":false,"excerpt":"How US-based Openner is making venture-building a thing in Egypt: Openner, a VC firm with an eye for the region but based in Washington DC, announced last October it\u2019s on the lookout for stakes in as many as 50 tech startups, with USD 5 mn earmarked for Egypt at an\u2026","rel":"","context":"In &quot;Spotlight&quot;","block_context":{"text":"Spotlight","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/spotlight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/443.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544900,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/shorooq-partners-launches-usd-150-mn-bedaya-fund-ii-to-back-startups\/","url_meta":{"origin":577445,"position":4},"title":"Shorooq Partners launches USD 150 mn Bedaya Fund II to back startups","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"UAE-based VC firm Shorooq Partners has launched its USD 150 mn Bedaya Fund II to back early-stage startups operating in fintech, software, platform verticals, and digital assets in the MENAP region, according to a press release (pdf). The fund is backed by Abu Dhabi wealth fund ADQ\u2019s venture firm, DisruptAD,\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556477,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund\/","url_meta":{"origin":577445,"position":5},"title":"Shorooq Partners launches MENA-wide venture debt fund","author":"enterpriseam admin","date":"27 October 2021","format":false,"excerpt":"Shorooq Partners has launched what it\u2019s calling the first MENA-focused venture debt fund, Nahda Fund I (pdf). The firm hit its fundraising target in just four weeks and Shorooq is planning to fully deploy it by the end of the year, partner Samir Yamani tells us, without disclosing the size\u2026","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=577445"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577445\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577446"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577445"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577445"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}