In order to invest in its upcoming set of ventures for the Middle East’s financial and commercial future, Enhance Ventures launched a $30 million Builders Fund. Enhance, a 2016 startup, specializes in creating cutting-edge digital enterprises for Pakistan, Turkey and the MENA. When it comes to establishing and expanding businesses, the company puts Saudi Arabia first and places a specific emphasis on the UAE and the rest of the GCC. Additionally, it maintains satellite offices in Cairo, Amman, and Beirut as well as a technology center in Istanbul.
The company plans to launch the fund to produce 5,000 high-tech jobs, 500 business leaders, 50 skilled founders, and become an institutional cofounder of at least 5 notable exits in the region in the coming 5 to 10 years. Mohammad AlHokail, Partner in Enhance Ventures, said: “As a venture studio, we support founders materially in the early stages of venture development, when they need help the most. This dramatically increases the success rate for startups, and makes entrepreneurship an economic engine for our region.”
Additionally, the company introduced a brand-new innovation business unit called Enhance Innovation to support businesses and government agencies establish their own ventures and studios. “As a studio, we plan to expedite ecosystem development and increase activity between this ecosystem, starting with Dubai and Riyadh, and other, more developed ecosystems,” AlHokail shared.
The new fund will invest in the studio’s next projects, many of which will be designed to fill holes in the FinTech industry.
Ritesh Tilani, Partner in Enhance Ventures, commented: “Trends such as web3, open banking, the move to a cashless society, the need for frictionless consumer and SME finance, and the growth of B2B commerce have created new opportunities in the MENAPT region. Paired with Enhance’s venture building playbook, its proprietary collection of venture building tools, and access to top talent, we believe Enhance is uniquely positioned to continue its success.”