Hub71 in Abu Dhabi has ushered in its 13th cohort, reinforcing the city’s status as a global tech hub. This latest group of startups, which collectively secured over $53 million in funding, successfully navigated a rigorous selection process to join Hub71’s new Company Building Program. They will be eligible for up to AED 250,000 in in-kind incentives and an additional AED 250,000 in cash in exchange for equity. High-performing startups from this cohort may also receive up to AED 250,000 more in exchange for additional equity after a year.
The surge in applications, up by 107% from over 100 countries, highlights Abu Dhabi’s growing appeal as a destination for pioneering entrepreneurs. This diverse cohort includes tech startups from various nations, including the UAE, Egypt, Saudi Arabia, the UK, Canada, India, and Armenia, with some of them establishing a presence in Abu Dhabi. Around 40% of the startups in this cohort hail from the US, indicating increased interest from established tech hubs in Abu Dhabi’s innovative ecosystem. These startups operate in 11 diverse industries, furthering Abu Dhabi’s strategic economic priorities in sectors like FinTech, ClimateTech, HealthTech, and EdTech.
Among the 23 startups, seven will become part of Hub71+ Digital Assets, a specialized ecosystem focused on the growth potential of Web3 and digital assets. These startups will have access to a network of 13 dedicated partners, including digital asset exchanges, technology providers, venture capital funds, blockchain platforms, and other opportunities needed for scaling. One such startup, Avantgarde Finance from the UK, which has raised $5.5 million in funding, provides a platform for digital asset investment managers to launch and expand their strategies at scale.
Recognizing the importance of technology in addressing climate issues in the UAE, Hub71 selected two ClimateTech startups with innovative technologies for a sustainable future. Acquai, which raised $1.5 million (AED 5.5 million), uses 3D printed, bio-inspired fishlike drones to collect data from waterways. Carbonsifr, a UAE-founded climate tech platform, offers climate-tech solutions, including an emissions calculation engine, AI-based reduction platform, and a checkout tool to engage consumers.
Ahmad Ali Alwan, Deputy CEO of Hub71, noted the increasing interest from high-growth startups worldwide in establishing themselves in Abu Dhabi. These entrepreneurs recognize the advantages of Abu Dhabi as an ideal environment for developing and marketing innovative products and services. By attracting startups with substantial growth potential, Hub71 is strengthening its community of visionary entrepreneurs who are shaping the future of innovation.
In addition to a tailored three-month course offering expert mentorship and critical support, startups at Hub71 will benefit from access to a wide network of corporate, government, investment, and talent partners within Abu Dhabi’s technology ecosystem, increasing their chances of securing commercial deals, investments, and market growth opportunities.