United Arab Emirates (UAE)-based industrial conglomerate Crescent Enterprises plans to double its corporate venture capital investments to Dh1bn ($272m) by next year.
Founded in 2017 with a $150m commitment, Crescent’s corporate venturing unit, CE-Ventures, has already invested more than $136m in 32 startups and VC funds around the world, including Tarabut Gateway, Hippo Insurance, China Union Pay, Nerdwallet and Turtlemint.
CE-Ventures said it would invest more in the financial, food, energy and software sectors.
Badr Jafar, CEO of Crescent Enterprises, told newspaper the National said: “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.”
Tushar Singhvi, deputy CEO and head of investments at CE-Ventures, on its site said: “We invest in startups where we can add strategic value to the growth of the business by leveraging our operational experience and global market presence. Our investments in transformative technologies are an essential aspect of Crescent Enterprises’ mission to remain innovative and forward-looking.”
