UAE’s Enhance Ventures launches $30mn Builders Fund to support ME startups

By Shilpa Annie Joseph, Desk Reporter
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UAE
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UAE-based venture studio Enhance Ventures has launched a $30 million Builders Fund that will be focused on Middle Eastern startups.

The new Builders Fund intends to invest in new initiatives in the areas of finance, technology, and commerce in the Middle East region.

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 co-founder to at least five major exits in the region” in the next five to 10 years, Enhance Ventures said in a statement.

Mr. Mohammad Al Hokail, partner at Enhance Ventures stated that, “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. 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.”

“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,” commented Mr. Ritesh Tilani, Partner in Enhance Ventures.

Enhance Ventures

Founded in 2016, Enhance Ventures is led by Mr. Alper Celen, Mr. Ritesh Tilani, and Mr. Mohammad AlHokail, and it focuses on building and investing in digital businesses in the Middle East, North Africa, Pakistan, and Turkey (MENAPT) region.

Related: UAE’s EDB & Future Factory unite to offer free consultancy for SMEs


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