UAE-based VC firm Modus invests $2.8mln in new start-ups

UAE-based VC firm Modus invests $2.8mln in new start-ups

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