#UbuntuLoveChallenge In Action: More Than AED700,000 Disbursed by Sheraa and CE-Ventures To 11 Startups In The UAE
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As part of their commitment to the #UbuntuLoveChallenge, Sharjah Entrepreneurship Center (Sheraa) and CE-Ventures (the corporate venture capital platform of Crescent Enterprises) have disbursed more than AED700,000 in equity-free grants to 11 startups as they make their way through the economic repercussions of the ongoing COVID-19 crisis.
The enterprises that have benefited from this collaboration between Sheraa and CE-Ventures include The Tempest, Point Checkout, Rentsher, Grocart, 3DInova, Bookends, AEBISS, Mr. Draper, ProTenders, The Mawada Project, and Outreal XR.
Founded by Sheraa Chairperson H.E. Sheikha Bodour Bint Sultan Al Qasimi and Africa 2.0 Foundation founder Mamadou Kwidjim Toure, the Ubuntu Love Challenge is a global movement built on the core African philosophy of ubuntu (which means “I am because we are”) and encourages civilian peer-to-peer collaboration to address current and upcoming challenges of the COVID-19 crisis, and collectively design solutions for a common future.
In a statement, Najla Al Midfa, CEO, Sheraa, said, “Injecting emergency capital into Sheraa startups 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 startups that are able to benefit in the long run,” she added. “The collaboration is a testimony to our mutual dedication to building a vibrant entrepreneurship ecosystem that contributes to a thriving economy.”
Meanwhile, Tushar Singhvi, Director of CE-Ventures, said: “In collaboration with Sheraa, we have selected 11 startups 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 startups 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,” Singhvi added.