A new US$75 million fund aims to upscale AI and blockchain start-ups in Africa.
The Modus Africa fund will source, invest and support start-ups that combine traditional Web2 businesses (companies that provide services in exchange for personal data) with Web3 technologies, a type of internet that utilises blockchain, cryptocurrencies and non-refundable tokens.
The firm will focus on supporting the growth and development of the continent’s local tech talent and early stage impact driven ventures.
As reported by Africa Business Communities, the fund will close in early 2023 and will invest in 45 start-ups at seed stage.
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