CE-Creates merges with Hatch & Boost in MENA
Marking the first-ever portfolio merger of two venture builders in the region, CE-Creates, the business incubation platform of Crescent Enterprises, has completed the merger of its portfolio of startups with hatch & boost, an Abu Dhabi-based venture-builder, and boosting them into scalable ventures. Hatch & boost and CE-Creates aim to jointly advance the growth of impact-driven startups in the Middle East and North Africa (MENA) region, while introducing unique models of building, and scaling them.
The newly joint venture-builders have long operated with a commitment to embedding the United Nations’ Sustainable Development Goals throughout their processes. Also, in line with the UAE’s ambitions to become a global hub of sustainable economic development, Crescent Enterprises partners with innovative and purpose-driven entrepreneurs, creating the infrastructure and environment for new businesses to thrive, which in turn increases the economic competitiveness of the region. The announcement of the merger with hatch & boost, for the formation of hatch & boost Ventures, is a further step towards achieving this vision.
The merged portfolio is currently running FodderTech solutions company, World of Farming, sustainable mobility company, ION, supper club platform, BreakBread, feminine care platform, RE:, specialty coffeehouse, Kava and Chai, digital token tipping application, TipiT, and innovative workwear brand, Shamal. Hatch & boost Ventures will be working to further establish and scale up to five new start-ups per year.
Badr Jafar, CEO of Crescent Enterprises said, “A powerful way to address the socioeconomic and environmental challenges across our region is to nurture entrepreneurs who are creating the solutions to these challenges through innovation. Last year, the UAE ranked first in the region for venture capital investments with a record AED 4.3 billion of investments in startups, and this trend is on an upward trajectory. We are also witnessing a pivot towards businesses that align their financial goals with their environmental and social impact, and our combined venture builder intends to be at the forefront of these positive trends.”
“Today, our biggest opportunity lies where impact and profit are viewed as equally imperative to the success of any startup. The merger of our portfolio of startups with CE-Creates is an incredible opportunity for us to drive ESG practices forward in the region, by enhancing our ability to launch and scale sustainable ventures across a number of sectors. This is a major milestone for us, as well as a testament to the validation of the successful model we have built,” said Faris Mesmar, CEO and Managing Partner of hatch & boost.
Headquartered in the UAE, hatch & boost Ventures has plans for further expansion across the region in the coming years, namely in markets such as the Kingdom of Saudi Arabia and Egypt.