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

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

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