Hub71 welcomes 23 startups as its 13th cohort
Oct 30, 2023
Abu Dhabi [UAE], October 30 (ANI/WAM): Hub71, Abu Dhabi's global tech ecosystem, has welcomed 23 new startups as part of its latest cohort, having collectively raised over US$53 million in funding.
Following a rigorous selection process, the successful startups will enter Hub71's new Company Building Programme and benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity. High-performing startups from the latest cohort will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity, after one year.
Hub71 received a 107 percent increase in applications from over 100 countries, reinforcing Abu Dhabi's increasing global appeal as an innovative destination of growth for the world's leading entrepreneurs. The new cohort comprises tech startups hailing from countries across the region, including the UAE, Egypt, and Saudi Arabia, as well as companies from the UK, Canada, India and Armenia, which will establish a presence in Abu Dhabi. Additionally, around 40 percent of the startups in the latest cohort are from the US. This reflects the growing interest from mature tech hubs in Abu Dhabi's favourable innovation ecosystem. Operating in 11 diverse industries, the startups will support the advancement of sectors aligned with Abu Dhabi's strategic economic priorities, including FinTech, ClimateTech, HealthTech and EdTech.
Seven startups in the cohort will join Hub71+ Digital Assets, the specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets. Startups in Hub71+ Digital Assets can tap into a network of 13 dedicated partners, including leading digital asset exchanges, global technology providers, venture capital funds, blockchain platforms and other commercial and investment opportunities required to scale. Startups joining Hub71+ Digital Assets include UK headquartered Avantgarde Finance which has raised $5.5 million in funding and provides a platform for digital asset investment managers to plug into, launch their strategies and grow at scale.
With a growing focus on the potential of innovation and technology in supporting climate action in the UAE, Hub71 selected two ClimateTech startups that developed innovative technologies helping to shape a more sustainable future. Acquai, which has raised $1.5 million (AED 5.5 million), is a software and hardware service company delivering data from waterways using 3D printed, bio-inspired fishlike drones. Meanwhile, Carbonsifr is a UAE-founded climate tech platform enabling businesses to take tangible climate action through their climate-tech solutions such as an emissions calculation engine, AI-based reduction platform and checkout tool to engage consumers daily.
Ahmad Ali Alwan, Deputy CEO of Hub71, said, "With each cohort, we are noticing increasing interest from high-growth startups worldwide seeking to establish their businesses and expand from Abu Dhabi. Tech entrepreneurs recognise the distinct advantages of setting up their companies in the UAE capital, which provides a favourable environment for developing and marketing innovative products and services that can transform the business world. By attracting startups with immense growth potential, Hub71 is building on its powerful community of visionary entrepreneurs who will pave the way for the future of innovation."
In addition to a customised three-month course to receive expert mentorship, tailored advice and critical support, startups joining Hub71 will also gain access to a broad network of corporate, government, investment, and talent partners operating within Abu Dhabi's technology ecosystem, significantly heightening the prospects of securing commercial deals, investment and market growth opportunities. (ANI/WAM)
