Hub71, Abu Dhabi’s global tech ecosystem, has accepted 16 startups to join its growing community as part of the Emirate’s efforts to position itself as a leading innovation hub. The new startup cohort, which has already raised more than AED 231 million in funding, will be able to develop advanced technologies and gain access to the market, investment, and talent that Hub71 provides by establishing operations in Abu Dhabi.
Hub71 is Abu Dhabi‘s largest startup community, fostering a thriving ecosystem of investors, corporations, government, and academic partners to provide tech startups with the resources they need to thrive in the UAE and abroad.
Taking advantage of current market trends, the accepted cohort includes early-stage startups from leading international tech hubs such as the United Kingdom, the United States, and South Korea. TAG, Pakistan’s first digital bank, is among the cohort, as is UAE-based Trade Capital Partners, a platform that improves access to working capital for startups and small to medium-sized enterprises in emerging markets; and Zywa, the Middle East and North Africa region’s first neobank for teenagers. Letswork, an app that allows members to book workspaces and work remotely from hotels, cafes, co-working spaces, and other unique venues, and Ostaz, which offers a private tutoring platform for students to accelerate academic progress, have also been accepted into the cohort.
The new cohort will benefit from Hub71’s accelerator program, structured programs to increase investment potential, and a new set of flexible incentives that will allow founders to choose the level of support they require for their startup. By joining Hub71, the cohort will gain access to Abu Dhabi’s innovation ecosystem, which will provide opportunities for scaling and knowledge exchange.
Badr Al-Olama, Acting CEO of Hub71, commented: “Our first cohort of the year reflects our ambition of matching our pace with that of global tech startups that have the highest growth potential. What makes Hub71 so different is our founder-centric approach that puts emphasis on building leaders and teams to sustain exponential growth for startups. We believe in nurturing talent, and the entrepreneurs from this cohort seem eager and ready to unleash their potential.”
Hub71’s startups have raised AED 1.5 billion in investment and secured AED 36 million in deals through the tech ecosystem’s corporate partners since its inception, while also generating approximately AED 1.2 billion in revenue. Hub71 connects startups with a large network of strategic partners and investors, as well as opportunities to demonstrate the potential and viability of their products. Since its inception, more than 20 proofs of concept (POCs) have been signed between corporate partners and startups, with a total deal value of AED 36 million, as part of the effort to create a launchpad for transformational ideas and ventures in Abu Dhabi.