UAE-based Crescent Enterprises that operates globally in different sectors through its businesses, strategic investments, has announced the launch of its venture capital arm to invest $150 million in early-to-later stage startups all around the world. The announcement was made by Crescent’s CEO Badr Jafar at Sharjah Entrepreneurship Festival.
In a press statement, Badr Jafar explained that half of the of the fund will be allocated for investments in MENA. The statement also noted that Crescent has been actively investing in different startups from Silicon Valley.
“In the last six months alone, we have invested a wide range of start-ups from a Silicon Valley-based drone company for the industrial sector and robotic surgery technologies, to an e-commerce platform for fisheries in India,” he said. “We also seeded entrepreneur graduates from the American University of Sharjah who are developing an artificial intelligence project management system.”
Speaking about the Middle East, Crescent’s CEO said that it is “approaching a juncture where the private sector needs to drive the next wave of innovation and growth, whilst at the same time addressing our region’s most acute, economic and environmental challenges.”
“It is clear to us that alongside our existing businesses, corporate venture capital is a powerful way to achieve this,” he added. “Therefore it is the right time to formalise this rapidly growing side of our business.”
This is one of the largest Corporate VC funds from MENA. Earlier this year, the Saudi Telecom Company had launched Saudi Technology Ventures, it’s $500 million fund to invest in tech startups.
Less than two months ago, Alabbar and MEVP had also announced their $250 million fund.
Featured image via ArabianBusiness.
Latest posts by MB Staff (see all)
- Kuwait’s Agility to invest $100 million over next three years in its digital logistics platform Shipa - December 10, 2018
- Kuwait’s Tabeeby raises $770,000 for its health social network - December 10, 2018
- Egypt’s RiseUp raises seed funding led by Endure Capital, round still open to other regional angels and VCs - December 9, 2018