Insider Brief
- Modus, a Venture Platform in MENA, has successfully built and launched eight startups in 2023, investing $2.8M across these companies, through its Venture Builder programs in Abu Dhabi, Riyadh, and Cairo.
- The startups, including JamaliBox, MDBX, Monet, Oscar, Seva, Sinbad, Stornest, and Your Social Smile, received investments comprising capital and in-kind services and these services include support in product development, marketing, engineering, design, research, and strategy, along with a dedicated growth budget.
- Modus plans to launch 6–8 companies in 2024, with a focus on facilitating introductions to its network and access to follow-on investment opportunities from Modus’ VC fund and other investors.
PRESS RELEASE —UAE/November 22, 2023 — Modus, the Venture Platform comprising VC funds, Venture Builders, and a Corporate Innovation arm in MENA, has announced the successful build and launch of eight startups from its Venture Builder (VB) programs in 2023, investing a total of $2.8M across these emerging companies.
The platform’s venture building approach involves a nine-month program designed to empower founders to collaborate with Modus’ operational experts in co-building ideas into fully operational and investable companies. Throughout their participation, founders test and validate ideas, gain access to unparalleled tech support and strategic mentorship, while developing MVPs ready for the market.
Modus operates a network of venture builders anchored by a $50M Venture Builder Fund with programs located across the MENA region in Abu Dhabi, Riyadh, and Cairo. Each location has its own robust venture building frameworks, strategic goals, and serves as regional ecosystems for startups to build out scalable ideas and products, network and knowledge-share with fellow entrepreneurs, and ultimately drive innovation.
Startups across Modus’ VBs benefit from an investment, which includes a combination of capital and in-kind services. From supplementing product, marketing, engineering, design, research, and strategy teams to a dedicated budget for growth initiatives and market validation, Modus provides essential resources to ensure its startups have the best chance of success.
The eight startups built and launched are:
JamaliBox: A monthly beauty box subscription service that delivers curated beauty, skincare, and hair care products across the UAE.
MDBX: A Healthtech merging chronic condition care and medication management with a digital pharmacy linked to robotics.
Monet: A revenue-based financing platform that allows companies to transform their 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 that is 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, giving suppliers the ability to view key data about their pilgrims through its AI-powered verifications.
Stornest: A digital tool that helps individuals plan and store their legacy information and documents to which designated beneficiaries get access in case of an untimely passing.
Your Social Smile: A dental digital marketing tool that modernizes dental experiences and helps improve communication and set procedural expectations between doctors and patients.
Awad Makkawi, Director of Venture Building at Modus said, “The growth of the startups in our VBs is a testament to the collaborative efforts between our founders and venture building experts. With the foundation set, I’m confident that their missions and products will resonate with customers and potential investors, paving the way for further success and funding.”
Modus will remain committed to supporting each startup, particularly with introductions to its network and facilitating access to follow-on investment opportunities from Modus’ VC fund and other investors.
In 2024, Modus is targeting the launch of 6–8 companies, leveraging a pre-existing pipeline of ideas and entrepreneurs in its venture builders. The platform is also welcoming new applications.
Modus’ venture builders are nine-month tailored programs.
