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.
How much technology is too much technology? Tech has inevitably become asApril 15, 2021 | By Shruthi Nair
According to a report by the United Nations, the fashion industry accountsFebruary 18, 2021 | By Shruthi Nair
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
A private helicopter carrying the chairman and managing director of Lulu Group,
Tighter restrictions on hotels, restaurants, shopping malls and entertainment venues on account of
All hotels and restaurants have been directed to temporarily hold entertainment activities
The new Dubai Gold Souk is “very much on track”, according to
Gone are the days of traditional brick-and-mortar as well as purely e-commerce
The Dubai Gold & Jewellery Group’s ongoing jewellery campaign, held in association
Every salesperson is taught to keep an elevator pitch ready to attract
Retail Abu Dhabi, the retail platform of the Department of Culture and
Gulf Marketing Group (GMG) is gearing up for a continued surge in