A US-based VC firm called Modus that focuses on the Middle East and North Africa (MENA) has teamed up with USAID to launch MV Builder II; This will aid in the development and support of female-led enterprises in Egypt and underprivileged communities.
The news comes just a week after the company announced the start of Modus Africa, a venture capital fund for AI and blockchain startups in sub-Saharan Africa.
The MV Builder II will help the Egyptian startup ecosystem by giving operational and technical help to help startups move faster from the idea stage to having a product that is ready to sell.
Even though the venture builder doesn’t care what industry it is in, it will focus on startups that improve financial inclusion, digital literacy, access to equal healthcare and education and close the digital gender gap in Egypt.
USAID said in a statement that it is helping MV Builder II through a partnership under its Digital Invest program. Digital Invest is a blended finance program that aims to get private capital for digital connectivity infrastructure and digital financial services that make digital ecosystems in emerging markets more open, reliable, inclusive, and safe.
The collaboration will take advantage of USAID’s technical assistance and Modus’ market expertise, investment track record, and demonstrated experience in developing scalable and successful mission-driven software firms.
Through Digital Invest, USAID and Modus will work to close this gap by supporting and growing Fintechs and other tech-enabled startups that offer safe and inclusive products and services to help women and underserved communities in the country find new ways to make money and get ahead.