Enhance Ventures launches $30M Builders Fund to aid the Future of finance and commerce for MENAPT
Enhance Ventures has launched its $30M Builders Fund, which will invest in the company’s next set of ventures for the future of finance and commerce in the Middle East. Through the fund, the company plans to create 5,000 high tech jobs, produce 500 business leaders, train 50 capable founders, and be the institutional cofounder to at least 5 major exits in the region in the next 5-10 years.
Launched in 2016, Enhance focuses on building innovative digital businesses for the Middle East, North Africa, Pakistan and Turkey (MENAPT). The company is Saudi-first when it comes to launching and growing businesses, with a sizable team in Riyadh, while it has a special focus on the UAE and the rest of the GCC. It also has a technology centre in Istanbul, and satellite offices in Cairo, Amman and Beirut.
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. We plan to expedite ecosystem development and increase activity between this ecosystem, starting with Dubai and Riyadh, and other, more developed ecosystems.”
The new fund will invest exclusively in the studio’s upcoming ventures, many of which will focus on gaps in the fintech space tapping into the new 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 that have created new opportunities in the MENAPT region, according to the company. Paired with its venture building playbook, its proprietary collection of venture building tools, and access to top talent, Enhance believes it is uniquely positioned to continue its success.
Enhance Ventures has also developed and maintains the Global Studio Map, the most comprehensive database of all 784 venture studios worldwide. The Enhance team also serve on the boards of the two global associations for venture studios, US-based Global Startup Studio Network, and Europe-based StudioHub.
In 2021, the company also launched a new corporate innovation business unit called Enhance Innovation to support corporations and government organizations with their studio strategy, and in building individual ventures and studios of their own.