UAE-based venture platform Modus is investing a total of $2.8 million in new start-ups operating in the Middle East markets.
The investment, which includes a combination of capital and operational support, will benefit eight emerging businesses that operate in various sectors, including healthcare, education, beauty and finance, among others, according to a statement.
The businesses, mostly based in the UAE, include JamaliBox, a monthly beauty box subscription service that delivers curated beauty products across the UAE; MDBX, a healthtech merging chronic condition care and medication management with an online pharmacy; and Monet, a revenue-based financing platform that allows companies to transform their revenue streams into upfront capital without dilution.
The investment will also benefit the founders of Oscar, an automated procurement platform; Seva, an Abu Dhabi-based Hub71 start-up that seeks to simplify the creation of the KHDA process; Sinbad, a fintech company focused on the in-bound Saudi tourism market; Stornest, a digital tool that helps individuals plan and store legacy information; and Your Social Smile, a dental digital marketing tool that seek to improve communication between doctors and patients.
The companies will be supported through a nine-month program where founders will collaborate with Modus’ operational experts in co-building ideas into fully operational and investable companies, the venture capital firm said.
Modus has a network of venture builders anchored by a $50 million venture building fund with programs located across the Middle East and North Africa (MENA) region, including Abu Dhabi, Riyadh and Cairo.
“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 start-ups have the best chance of success,” the statement said.
(Writing by Cleofe Maceda; editing by Seban Scaria)