Denis Opudo
Enhance is a Dubai-based holding startup that offers an online marketplace for the Middle East and Africa. The company was founded in late 2015 and has its offices in Cairo, Dubai, Jeddah, and Riyadh. Enhance has managed to build marketing, operational and technical capabilities in its offices. It also possesses the ownership of another Dubai-based startup called joigifts. Joigifts is amongst the leading online gifting startups.
Enhance has managed to raise a Seed Round funding of $1.5 million.The company secured investment from 500 Startups, iNet, and Shorooq Investment. Moreover, it has secured investment from angel investors from the US, the Gulf, and Europe. The funding will be used to expand the company to other parts of Middle East. Furthermore, the company will also launch many marketplaces in 2018.
Enhance was happy with the step is made by building offline to online migration program like joi. The company also plans to increase the growth of joi and also launch other marketplaces. Moreover, the investments offer the company a broad global and regional knowledge. Most importantly the investment brings funding. Those will help the company in the next phase of their growth.
The company founders have been in the startup ecosystem for quite sometimes now. That has offered them a vast of experience when it comes to developing startups in the Middle East. However, the company has a divided marketplace in the Middle East with different regulations. Therefore fundraising becomes a major challenge. But the company developed to ease those challenges. It does that by reusing some of its resources in different businesses.
iNet backed its partnership with Enhance. This is because of the company’s experience and good work ethics possessed by its founders. It was also encouraged by the company’s model which increases the chances of being successful. Enhance hopes to develop a huge business. The businesses will give better digital experiences to consumers. Many consumers are now moving to the online marketplace than in the past.
