Hub71 accepts 2nd cohort of year as tech community expands in Abu Dhabi

ABU DHABI, 30th August, 2022 (WAM) -- Hub71, Abu Dhabi's global tech ecosystem, has selected its latest cohort of tech startups from a large number of applicants worldwide that chose to setup and scale from the UAE's capital.

For the next two years, the new cohort will participate in Hub71's Incentive Programme, benefiting from equity-free incentives worth up to AED500,000 and access to enabling programmes and a vibrant ecosystem of active investors, corporate, government, and academia partners.

The selected startups hail from nine countries, including the USA, Italy, and the UK, and are specialised in sectors ranging from FinTech, HealthTech and CleanTech to EdTech, FoodTech and Logistics, building on the global diversity of Hub71's community.

In addition to homegrown startups from the UAE, the cohort also includes Hub71's first tech company from Luxembourg. The diverse mix of startups includes Green Future Project, a platform for individuals and businesses to support leading climate projects globally and to track and trace environmental impact.

The cohort also includes Amwal, a platform that enables people to pay, send or remit money based on their phone number, and Abhi, a FinTech platform that allows salaried employees to draw upon their wage when needed.

Since its launch in 2019, Hub71 has brought together a global network of strategic partners, investors and organisations with a shared mission to accelerate entrepreneurship and innovation in Abu Dhabi. After a thorough evaluation process involving Hub71, its ecosystem partners, and VC funds, 16 startups were selected to join Hub71's growing community of more than 170 startups. In Hub71's pursuit of sourcing high-quality startups, the cohort comprising pre-seed, seed and Series-A startups has already raised more than $67 million collectively.

Badr Al-Olama, Acting CEO of Hub71, said, "Our value-driven programmes are continuing to attract high-tech startups to Abu Dhabi that are driving transformation within key sectors of the economy. As a partner to over 170 startups in our community, we always strive to connect founders to our global network of blue-chip corporations, government bodies and investors. With our ability to unlock real growth opportunities for founders, we expect this new cohort to gain tremendous traction over the next few months within the vibrant tech ecosystem that Abu Dhabi has to offer."

Backed by Mubadala Investment Company, Hub71 has attracted 80 percent of its startups through its programmes that deliver market access, talent, and potential fundraising opportunities. In the first half of 2022, Hub71 startups raised US$436 million from renowned investors globally and generated almost US$700 million in revenues since the global tech ecosystem launched.

Hub71's economic impact is also being felt by creating approximately 1,000 jobs. Longer term, the global tech ecosystem is developing its cross-border programmes for startups to operate and scale in other markets, while deepening market access to the UAE for founders based overseas.