1. Enhance is a venture builder based in the Middle East that aims to enhance lives by building online marketplaces and solving local problems. 2. It nurtures talent through its "guild" program and shares resources between ventures to be more efficient than standalone startups. 3. The founders have extensive experience as serial entrepreneurs and consultants working in the region for over a decade.

1. 1 + x ⌃
STARTUP STUDIOS –
INNOVATING
INNOVATION
WHITE PAPER
SELECT SLIDES
Download White Paper
www.enhance.online

2. 2 + x ⌃
THE ENHANCE WAY
We are the venture builder trying to enhance lives in the Middle East by building best in class online
marketplaces that form the “merchant cloud”. We find local solutions to local problems by nurturing
talent in our “guild” and reusing resources to be more efficient and effective than a standalone venture.
For more information visit www.enhance.online
2 + x ⌃

3. 3 + x ⌃
AUTHORS - THE ENHANCE TEAM
Serial entrepreneur as founder of FoodOnClick.com Saudi
Arabia (exit to DeliveryHero 2015), MondoRide, Commit
Device Protection, Fursaty.com. Extensive management
consulting experience as founder of Commit Network and
McKinsey & Company. Other leadership positions in Nokia,
IBM, Ansys, and NASA contractor Millitech. Angel investor
and advisor to multiple startup companies including
Mubi.com and Buglance.com. MIT Enterprise Forum,
Techstars, and Startupbootcamp mentor.
US and Turkish citizen working in the region for 12 years.
MBA with high distinction from MIT Sloan School of
Management, BS and ME in Electrical Engineering from
University of Virginia
ALPER CELEN
Founder
alper@enhance.online
Serial entrepreneur as founder of award-winning CareZone
(Best New Business Middle East 2011) and Puloma. Venture
capital experience as Head of UAE at iMENA Group.
Extensive high-tech and telecom management consulting
and corporate experience as founder of Innoventa, Head of
Strategy at Nokia, and as part of Bain & Company’s
Singapore Office. Advisor, angel investor and board
member to multiple startups. Regular speaker at regional
events. Techstars, Startupbootcamp and Flat6Labs mentor.
A native of the UAE with over 30 years of experience in the
region. MBA from INSEAD, B.S. in Economics from
University of Pennsylvania – The Wharton School
RITESH TILANI
Founder
ritesh@enhance.online
3 + x ⌃

4. 4 + x ⌃
1
10
100
1000
10000
10 100 1000 10000
Human Capital
(monthly human-
hours)
Source: Enhance analysis; eFounders, Accel Partners, Techstars
Financial Capital (USD k)
Angel Investors
Accelerators
Venture Capitalists
Venture Builders
• Leading VC funds either already have or are building “platforms” to actively support their portfolio
companies in technology, marketing, HR and administration needs
• Venture Builder model is inherently built to generate and invest human capital
MORE HUMAN CAPITAL
Early stage investors are
investing more human
capital to increase startup
success
Venture Builders
(aka Startup Studios) lead
the industry trend by
investing the highest
amount of expertise and
know-how per startup
4 + x ⌃

5. 5 + x ⌃
VENTURE BUILDER MOVEMENT ACCELERATING
At Enhance, we have compiled arguably the most comprehensive list* of venture builders around the world.
Our research shows an accelerating global trend:
* Full list is available upon request from Enhance
** for 4 year period only, the other periods are 5 years each, Enhance estimates ~15+ venture builders will be launched in 2019
2 4 9
75
81
1995-99 2000-04 2005-09 2010-14 2015-18
0
50
100
150
200
N.America & Europe
Other
Europe
North America
Venture building is a growing trend
especially in Europe, where the number of
venture builders has caught up with North
America in the last 3 years
The venture builder movement is
accelerating, with ~50% launched in the last
4 years
As of February 2019, there are 171 venture
builders around the world, which is in the
same order of magnitude as number of VC
funds
Total
171**

6. 6 + x ⌃
A NEW NORM WITH PROVEN SUCCESSES
Entrepreneur First
Pioneer Square Labs
2015
Combine Ventures
2017
2015
2013
2014
2011
2010
2011
2011
2011
2007
2007
2012
1996
Wave 1
Wave 2
Wave 3
2016
Venture builders
making history
1998
Venture builder phenomenon started in 1996 and built momentum in the last decade
to become a new norm with massive funding and long list of exits
Some of the
successful startups
built by these
venture builders
Zinc
2017
These venture builders
have raised more than
USD4.8B in funding
State of the Digital Nation 2020, Enhance research
2012

7. 7 + x ⌃ Source: Enhance analysis; Betaworks; TechCrunch; company websites and press
BETAWORKS
A brand name in
venture building due to
its repeated successes
based in NYC
Case Study
Over the long term, we will see that startup studios (venture builders) will
become common place because startups need human capital more than
they need financial capital. I think the model will be especially applicable
in developing markets where there is more friction.
- John Borthwick, Founder
Founded in 2007 by
Billy Chasen and John Borthwick
Select Portfolio:
USD50m raised from
Bonnier Ventures
New York City
www.betaworks.com
Chartbeat measures and
monetizes website
visitors
USD39m raised from
Index, Harmony, North
Atlantic
www.chartbeat.com
Link sharing technology
USD31m raised from
Khosla, RRE, Founders
Fund, SV Angels
Exited to Spectrum Equity
7/17 for USD63m
www.bitly.com
Discover and share best
GIFs
USD151m raised from
General Catalyst,
Lightspeed, GV
www.giphy.com
Microblogging platform
USD125m raised from
Sequoia, Union Square,
Spark, Insight
Exited to Yahoo 5/13 for
USD1.1B
www.tumblr.com
7 + x ⌃

8. 8 + x ⌃ Source: Enhance analysis8 + x ⌃
ENHANCE – DESIGNED TO SOLVE SPECIFIC STARTUP PROBLEMS IN THE MIDDLE EAST
Common Startup Problems Our Venture Builder Design to Mitigate These Problems
REGULATION / LEGAL
How easy is it to build and operate a
startup in the chosen market?
FUNDING
How easy is it to raise funding from
value-adding investors?
TALENT / CULTURE
How easy is it to attract talent
and build a highly effective
work environment?
ACCESS TO MARKETS
How easy is it to reach
customers?
?
THE
GUILD
THE
FOCUS
THE
IDEA
THE
VOLUME
THE
FUNDING
THE
STRUCTURE
Shared Not Shared
One
Vertical
Many
Verticals
Internally
Generated
Externally
Generated
Few
Startups
Many
Startups
Internal External
Studio Studio + Fund

9. 9 + x ⌃
FOR MORE
DOWNLOAD THE
WHITE PAPER
The white paper is available for
download for free. Estimated reading
time is 45 minutes
9 + x ⌃
Download White Paper
www.enhance.online