FinTech news in modus category

New York-based venture platform Modus has launched Modus Africa, a venture capital fund for AI and blockchain startups across sub-Saharan Africa, journalist has learned. The firm is currently closing three investments in startups using AI and blockchain across insurtech, fintech and health tech, said the general partners who control the fund’s thesis, direction and investment strategy while leveraging Modus’s 50+ team to carry out due diligence and portfolio management. Though it has household names such as Tunisia’s InstaDeep, Kenya’s Sama, and South Africa’s DataProphet — and several web3 startups claiming to build on the blockchain — Africa’s AI and blockchain sectors are still relatively nascent. The thinking behind adopting this strategy can be traced to Vianney Mathonnet and Andre Jr. Ayotte, the general partners of Modus’s Africa-focused fund.