CE-Ventures, the corporate venture capital platform of UAE-based Crescent Enterprises, is doubling its investments in start-ups to 1 billion dirhams ($272 million) by 2022.
CE Ventures has so far invested more than 500 million dirhams in 32 start-ups and VC funds across the Middle East and North Africa (MENA) region, the United States, India and Southeast Asia.
“We will strive to continue to partner with brilliant entrepreneurs across the MENA region and elsewhere, especially where we can leverage our operational experience and global market presence to help them scale and thrive, create jobs and opportunities for others to put their passions and skills into,” said Badr Jafar, CEO of Crescent Enterprises.
Tushar Singhvi, Crescent Enterprises’ deputy CEO and head of investments, hinted that upcoming funding could benefit start-ups in emerging tech subsectors.
In a statement, the company said it focuses on wide-ranging emerging technologies such as artificial intelligence, internet of things and robotics.
“With COVID-19 making healthcare a top priority for all, scientific advances present growing investment opportunities in subsectors such as biotech and deep tech… We are committed to investing in these emerging tech subsectors to support the rise of latest transformative technologies,” said Singhvi.
Singhvi noted that, despite the ongoing pandemic and economic slowdown, “investee companies under CE-Ventures” are still thriving.
“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,” Singhvi said.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021