Enhance, a Dubai, UAE-based holding company for online marketplaces for the Middle East and Africa, raised $1.5m in seed funding.
Backers included iNet, 500 Startups, Shorooq Investments and angel investors from the Gulf, Europe and the US.
The company plans to utilize funding towards its rapid expansion to the rest of the Middle East.
Founded in late 2015 by Ritesh Tilani and Alper Celen, Enhance employs a holding company model to overcome challenges experienced by regional startups. Since its launch, Enhance has built marketing, technical, and operational capabilities in its offices in Dubai, Riyadh, Jeddah and Cairo, and plans to use these capabilities beyond its current portfolio in subsequent vertical marketplaces.
Enhance currently wholly owns Dubai-based joi (joigifts.com), the region’s leading online gifting platform and will launch other marketplaces in 2018.