Investment in last mile firm to add regional benefits
CE-Ventures, the corporate venture capital arm of UAE-headquartered global conglomerate Crescent Enterprises, has announced that it has invested in Transcorp International (Transcorp).
Transcorp is one of the UAE’s most efficient logistics and last-mile distribution service providers, acquiring a sizeable minority stake. Through this strategic investment, CE-Ventures also aims to support the expansion of Transcorp across the MENA region.
The investment is part of a ‘strategic roadmap’ that will see Crescent Enterprises invest US$150 million (AED550 million) through CE-Ventures in early- to late-stage startups over the next three years.
50% of the funds are earmarked for ventures from the Middle East and North Africa (MENA) region.
Tushar Singhvi, Director of CE-Ventures, said: “Speed and reliability in delivering services are the key metrics for this business.
“With its sharp focus on technology and customer satisfaction, Transcorp is a leader in cold chain last mile distribution and is well-positioned to seize growth opportunities resulting from the e-commerce and food delivery boom.
“CE-Ventures’ strategy is to identify strong result-oriented founders and support them over the long term.
“We look forward to working with Transcorp to grow the business, enhance its service portfolio and increase its geographical footprint with the objective of establishing the company as the top provider of last-mile cold chain logistics solutions across the MENA region.”
Transcorp has a well-developed network across the UAE and aims to strengthen its presence in Saudi Arabia and other MENA countries.
Rodrigue Nacouzi, CEO and founder of Transcorp, said: “The investment from CE-Ventures has provided us with the means to fast-track our expansion within the MENA region and introduce our service offering to other industries.”