Enhance Ventures launches $30m fund to invest in FinTech and commerce in Middle East
Enhance Ventures, a regional venture studio, has launched a $30 million Builders Fund to invest in new initiatives in the areas of finance technology 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 co-founder to at least five major exits in the region” in the next five to 10 years, it said in a statement on Thursday.
“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 start-ups,” said Mohammad Al Hokail, partner at Enhance Ventures.
Venture studios build start-ups, starting from idea conceptualisation to launch, while also providing capital and guidance. They also support their growth using internal capabilities and external support.
Currently, there are more than 730 active venture studios in the world, with 50 per cent of them launched in the past five years, the Dubai International Financial Centre reported.
Launched in 2016, Enhance has dual headquarters in Dubai and Riyadh. The company, which focuses on building digital businesses in the Middle East, North Africa, Pakistan and Turkey, also has a technology centre in Istanbul and satellite offices in Cairo, Amman and Beirut.
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