CE-Ventures, the corporate venture capital platform of UAE-based Crescent Enterprises, has vowed to double its investment in start-ups to reach AED1 billion ($272 million) by 2022.
Since its inception in 2017, CE-Ventures has invested over AED500m ($136m) in 32 start-ups and venture capital funds across the Middle East & North Africa (MENA) region, the US, India, and Southeast Asia.
Badr Jafar, CEO of Crescent Enterprises, said: “When we launched CE-Ventures a few years ago, we outlined our vision to invest in transformational, purpose-driven entrepreneurs and their businesses. Our commitment to double down on new funds available for venture investment is testament to our conviction in the major social and economic impact of certain high-growth, tech-enabled businesses.”
CE-Ventures invests across various tech subsectors including fintech, energytech, foodtech, and enterprise SaaS companies. In the past few months alone, CE-Ventures invested in five Fintech start-ups in the Gulf region and globally: Tarabut Gateway, Hippo Insurance, China Union Pay, Nerdwallet, and Turtlemint.
According to a report from global consultancy PwC, 82 percent of traditional financial companies plan to boost collaboration with fintechs in the next three to five years.
In Q1 2021, global venture investments reached AED450bn ($122.5bn), achieving a 50 percent increase quarter over quarter and 94 percent increase year on year, according to Crunchbase data.
Badr Jafar, CEO of Crescent Enterprises
Tushar Singhvi, deputy CEO & head of investments, Crescent Enterprises, said: “With Covid-19 making healthcare a top priority for all, scientific advances present growing investment opportunities in subsectors such as BioTech and DeepTech (the generic term for technologies not focused on end-user services), which have recently come to the fore as new focus areas for CE-Ventures. We are committed to investing in these emerging tech subsectors to support the rise of latest transformative technologies that we can bring to the MENA region, while helping regional entrepreneurs scale up their businesses.”
Investee companies under CE-Ventures have so far raised more than AED3.6bn ($1bn) of follow-on funding from top-tier venture funds globally.
“Despite the pandemic and ensuing economic slowdown, investee companies under CE-Ventures have continued to thrive. These companies also continue to make significant social and environmental contributions such as direct and indirect employment generation across their supply chains, skilling of employees, and empowering other local businesses through their innovative products and services,” Singhvi added.
Crescent Enterprises, which currently employs over 2,600 people in 15 countries, operates under four platforms: CE-Operates, CE-Invests, CE-Ventures, and CE-Creates, which span diverse sectors including ports and logistics, power and engineering, food & beverage, and green transport, and they work across verticals such as private equity, venture capital, and business incubation.
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