Modus, a comprehensive venture platform encompassing VC funds, Venture Builders, and a Corporate Innovation arm in the MENA region, has recently unveiled the fruition of its Venture Builder (VB) programs. The platform proudly announced the successful build and launch of eight startups in 2023, backed by a robust investment of $2.8 million. This strategic initiative reflects Modus’ commitment to fostering innovation, empowering founders, and contributing to the vibrant entrepreneurial landscape in the MENA region.
Empowering Entrepreneurs Through Venture Building
Modus distinguishes itself through its unique venture-building approach, a nine-month program meticulously designed to empower founders. During this period, entrepreneurs collaborate with Modus’ operational experts, engaging in a co-building journey to transform ideas into fully operational and investable companies. The program provides a conducive environment for founders to test and validate their ideas, offering unparalleled technical support and strategic mentorship. The ultimate goal is to develop Minimum Viable Products (MVPs) ready for the market.
Expansive Network of Venture Builders
With a footprint across the MENA region, Modus operates a network of venture builders anchored by a $50 million Venture Builder Fund. Strategically located in Abu Dhabi, Riyadh, and Cairo, each venture builder hub is equipped with its own robust frameworks and strategic goals. These locations serve as regional ecosystems, providing startups with the infrastructure to build scalable ideas and products, fostering networking opportunities, and facilitating knowledge-sharing among entrepreneurs.
Investment and In-Kind Services for Startup Success
Startups participating in Modus’ Venture Builders benefit from a comprehensive investment package. This includes a combination of capital infusion and in-kind services that cover crucial aspects of business development. From augmenting product, marketing, engineering, design, research, and strategy teams to allocating a dedicated budget for growth initiatives and market validation, Modus ensures that its startups receive essential resources for optimal chances of success.
The Eight Startups Unveiled
JamaliBox: A monthly beauty box subscription service delivering curated beauty, skincare, and hair care products across the UAE.
MDBX: A Healthtech venture merging chronic condition care and medication management with a digital pharmacy linked to robotics.
Monet: A revenue-based financing platform enabling companies to transform revenue streams into upfront capital instantly and without dilution.
Oscar: A tailored, automated sustainable procurement tool for the MENA region, considering local culture, business practices, and sensitivities.
Seva: An app designed to imitate and simplify the creation of the KHDA process in a user-friendly, digital setting.
Sinbad: A KYC solution for Umrah and emerging markets, providing suppliers with the ability to view key data about their pilgrims through AI-powered verifications.
Stornest: A digital tool aiding individuals in planning and storing legacy information and documents, accessible to designated beneficiaries in case of an untimely passing.
Your Social Smile: A dental digital marketing tool modernizing dental experiences, enhancing communication, and setting procedural expectations between doctors and patients.
Commitment to Continued Support and Growth
Awad Makkawi, the Director of Venture Building at Modus, expressed confidence in the collaborative efforts between founders and venture-building experts. Makkawi emphasized that with a solid foundation, the missions and products of these startups are poised to resonate with customers and attract potential investors, paving the way for further success and funding.
Modus remains dedicated to supporting each startup even after launch. This commitment includes facilitating introductions to Modus’ extensive network and providing access to follow-on investment opportunities from Modus’ VC fund and other investors. Looking ahead to 2024, Modus sets ambitious targets to launch 6-8 new companies. Leveraging a pre-existing pipeline of ideas and entrepreneurs in its venture builders, the platform actively welcomes new applications.
Conclusion: Nurturing Innovation for Sustainable Growth
In conclusion, Modus stands as a catalyst for innovation in the MENA region, offering a holistic ecosystem through its Venture Builders. By seamlessly integrating investment, in-kind services, and a supportive network, Modus empowers entrepreneurs to transform their visions into reality. The success of the eight startups launched in 2023 not only reflects the effectiveness of Modus’ venture-building approach but also underscores the platform’s commitment to shaping the future of entrepreneurship in the region. As Modus looks toward the future, its emphasis on fostering innovation, collaboration, and sustainable growth positions it as a key player in the dynamic startup landscape of the MENA region.