Modus targets $75mln for AI and Blockchain venture fund

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Modus Capital announced the launch of a new Africa-focused venture fund last week to target startups developing solutions using Artificial Intelligence and Blockchain technologies. The fund, Modus Africa, aims to have raised $75 million by the time it wraps up fundraising at the end of the first quarter of next year to invest in Seed-plus stage startups. The fund’s activities will be led by two new Modus Partners, Andre Ayotte and Vianney Mathonnet, who joined the venture firm over the last 3 months. Both are based in Dubai,

Details of who the likely investors in the fund will be and what IRR the venture firm aims to deliver for them have not been disclosed. However, with one of the strongest blockchain adoption rates around the world and a significant market of prospective blockchain users, Africa offers investors significant opportunities over the next few years. As well as delivering strong financial returns, the fund’s activity is expected to have a big impact on the continent’s sustainable development.

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