Ramallah – the world of the homeland
Hilal Startups, the Crescent Ventures platform devoted to institutional investment capital, has announced its intention to double the volume of its investments in startups to reach one billion dirhams (US $ 272 million) by 2022. Since its inception in 2017, Crescent has invested more than 500 million AED 136 million (USD 136 million) in 32 startups and venture capital funds across the Middle East and North Africa, the United States, India and Southeast Asia. Crescent Enterprises is a global company based in the United Arab Emirates that operates through four platforms, namely: Crescent for Development Projects, Crescent for Investment Projects, Crescent for Start-Ups, and Crescent for Innovative Projects, as its activities extend across a variety of sectors including ports, logistics, energy and engineering works. , Food and beverages, and sustainable transportation, in addition to other areas such as private equity, venture capital, and business incubation. The company employs more than 2,600 employees in 15 countries.
Commenting on this investment achievement, Badr Jafar, CEO of Crescent Enterprises, said: “When launching Hilal Startups a few years ago, we took it upon ourselves to invest in entrepreneurs and projects aimed at bringing about change. Our firm belief in the significant social and economic impact of fast-growing technology-based business. ”
He added: “In strengthening the digitization strategy of Crescent Enterprises, we will strive to continue our partnerships with brilliant entrepreneurs in their field throughout the Middle East, North Africa and other regions, especially the businesses that we can help to expand and prosper through our practical and operational experiences and our presence in the global market, to contribute. Together in creating job opportunities that allow others to put their passions and skills into it. ”
Crescent Enterprises adopts an investment strategy that keeps pace with market trends and meets its requirements, taking advantage of the tremendous growth potentials in various sub-technological sectors, including financial technology, energy technology, food technology, agricultural technology, in addition to software service technology for companies.
In the past few months, Crescent Enterprises has invested in five fintech startups in the Gulf region and the world, namely Tarabut Gateway, Hippo Insurance and China UnionPay. Union Pay, Nerdwallet, and Turtlemint. According to PwC, 82% of traditional financial firms plan to strengthen cooperation with the fintech sector in the next three to five years, confirming the strong consumer appetite for digital banking services globally.
In the first quarter of 2021, global investments in startups reached 450 billion dirhams, increasing by 50% on a quarterly basis and 94% on an annual basis, according to data from Crunchbase.
In this regard, Tushar Singhvi, Executive Vice President and Head of Investments at Crescent Enterprises, said: “With the exceptional circumstances imposed by the pandemic that made healthcare a top priority for all, scientific developments have become important investment opportunities in sub-technology sectors such as deep technology and biotechnology. It has become one of the most prominent areas in which Crescent has focused on emerging projects. ”
He added, “We are committed to investing in these emerging sub-technological sectors to support the spread of the latest transformative technologies that we can bring to the countries of the region, while at the same time continuing to help regional entrepreneurs expand their businesses.”
In contrast to institutional investment capital sources that collect external financing to implement investments, Crescent Enterprises is a long-term partner for startups and entrepreneurs worldwide, as it invests its own capital to support companies across its various stages of growth, focusing on the early stages of growth. Crescent’s support for startups extends beyond financing, as it helps international startups enter the Middle East and North Africa market, and likewise, helps local startups expand into global markets. The Crescent Enterprise Fund startup companies have so far raised more than AED 3.6 billion (US $ 1 billion) in additional financing from major venture funds globally.
Tushar Singhvi concluded, saying: “Despite the Corona pandemic and the economic slowdown that followed, Crescent Enterprises portfolio companies have continued their path of growth and prosperity, and these companies continue to make valuable social and environmental contributions such as providing direct and indirect job opportunities through their supply chains, and honing skills. Employees, in addition to empowering other local companies through their innovative products and services. ”
Crescent Enterprises focuses on a broad range of emerging technologies that are widespread across sectors, such as artificial intelligence, the Internet of Things, and robotics. The platform’s technological investments include Vicarious, a modern AI software development system that powers intelligent robots; Cohesity, the first comprehensive data management platform and multi-cloud platform that simplifies organizations’ management of their data; Trifacta, a global leader in data compilation technology used by more than 50,000 data sponsors who deal with data cleaning and transformation across 12,000 companies; In addition to the company “Anomali”, which is a platform used to early detection of electronic threats to corporate networks and to identify their sources.
Hilal’s portfolio of emerging projects in the MENA region also includes other investments such as Kitopi, a platform for modern global cloud kitchens, and Transcorp International, an integrated cold chain logistics and precision control company. Heat, and Vezeeta, an Egyptian digital platform that provides health care services and organizes the management of clinics in the Middle East and North Africa, enables its users to book medical appointments after searching for doctors by specialty, geographic region or insurance, and polling opinions and comments. Other users.