Sheraa and CE-Ventures disburse relief grants to start-ups


August 9, 2020 | By RetailME Bureau

Sheraa and CE-Ventures disburse relief grants to start-ups, offering them a lifeline to remain afloat as they navigate current economic challenges. Together Sheraa (Sharjah Entrepreneurship Center) and CE-Ventures, the corporate venture capital platform of Crescent Enterprises, have disbursed more than AED700,000 in equity-free grants to 11 start-ups.

The 11 selected start-ups operate in the retail, real estate, fintech, travel & tourism, agriculture, education, technology and creative sectors. As Sheraa and CE-Ventures disburse relief grants to start-ups, it comes as an effort to support local industries inspired by Sharjah’s keen interest to support and promote start-ups, contributing to the emirate’s strong and diversified economy.

“Injecting emergency capital into Sheraa start-ups that have been unduly affected by the pandemic has been a top priority to ensure they are able to quickly recover and resume their stride. Our partnership with CE-Ventures has been crucial in selecting start-ups that are able to benefit in the long run. The collaboration is a testimony to our mutual dedication to building a vibrant entrepreneurship ecosystem that contributes to a thriving economy,” said Najla Al Midfa, CEO, Sheraa.

The joint fund falls under the #UbuntuLoveChallenge, a global initiative spearheaded by Sheikha Bodour Bint Sultan Al Qasimi, chairperson of Sheraa, and Mamadou Kwidjim Toure, founder of the Africa 2.0 Foundation. The collaboration between CE-Ventures and Sheraa follows Sheraa’s $1 million Startup Solidarity Fund announcement made earlier this year.

The application process commenced in May 2020 with eligible startups being shortlisted by a committee comprised of members from CE-Ventures, Sheraa and an independent venture capital firm. Each start-up was evaluated based on a combination of qualitative and quantitative data across three main areas – including cash flow, product & business model and team. Candidates had to submit detailed business plans that attested to the start-up’s performance based on revenue and profitability prior to the pandemic, as well as their ability to mitigate the current negative impact of COVID-19.

“In collaboration with Sheraa, we have selected 11 start-ups that demonstrated a culture of resilience, continued to have robust business models and proactively pivoted to weather the crisis. To navigate the challenging market environment, these start-ups are set to keep a tight rein on operational costs without undermining their ability to do business now, and to step up operations in the future,” added Tushar Singhvi, director, CE-Ventures.

 

For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the 

Continue Reading

January 17, 2021 | By RetailME Bureau
Cookit

Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created 

Continue Reading

January 5, 2021 | By RetailME Bureau
Al Islami Plant-Based Burger

UAE-based Al Islami Foods, one of the largest frozen food companies in 

Continue Reading

January 3, 2021 | By RetailME Bureau
Marks & Spencer's plant-based range

Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free 

Continue Reading

December 23, 2020 | By RetailME Bureau

World’s largest fully integrated online brand in fresh fish and meat e-commerce 

Continue Reading

December 14, 2020 | By RetailME Bureau




Download Images RetailME Magazine