Modus acquires Saudi Arabia-based Agile Ventures

Modus acquires Saudi Arabia-based Agile Ventures

RIYADH, Saudi Arabia /PRNewswire/ -- Modus has announced its acquisition of Saudi Arabia-based Agile Ventures to expand its Venture Builder (VB) network to the Kingdom. New York-based Modus is a Venture Platform operating in MENA comprising VC funds, Venture Builders, and a Corporate Innovation arm. The acquisition will allow Modus to launch Venture Builders in KSA to build with, and invest in the country's most talented founders.

The acquisition of Agile Ventures marks Modus' official expansion and set up in the Saudi market. Modus aims to directly support Saudi's ambitious Vision 2030 of boosting the country's innovation ecosystem by educating and supporting entrepreneurs, and increasing the pipeline of top-tier startups through venture building.

Modus' KSA-based builder is its third to launch in the region as part of its VB network and $50M Venture Builder Fund. It will have several industry agnostic Venture Building teams, and one exclusively focused on developing the country's gaming industry following HRH Prince Mohammed bin Salman bin Abdulaziz recently unveiling plans to make Saudi Arabia a global hub for the gaming sector by 2030.

The Venture Platform, which launched its first Venture Builder in Egypt in 2019, has expanded rapidly in the past 18 months. Its Abu Dhabi Venture