Hub71 Accepts Second Cohort of the Year as Tech Community Expands in Abu Dhabi
Second cohort of 2022 includes 16 tech startups that have collectively raised more than $67 million in funding.
Hub71, Abu Dhabi’s tech ecosystem, has selected its latest cohort of tech startups from a large number of applicants worldwide. For the next two years, the new cohort will participate in Hub71’s Incentive Program, benefiting from equity-free incentives worth up to AED500,000 and access to enabling programs and a network of active investors, corporate, government, and academia partners.
The selected startups hail from nine countries including the USA, Italy, and the UK, and are specialized in sectors ranging from FinTech, HealthTech, and CleanTech to EdTech, FoodTech, and Logistics. 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.
After a thorough evaluation process involving Hub71, its ecosystem partners, and VC funds, the 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 have already raised more than $67 million collectively.
Badr Al-Olama, Acting CEO of Hub71, said in a statement, “Our value-driven programs 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% of its startups through its programs that deliver market access, talent, and potential fundraising opportunities. In the first half of 2022, Hub71 startups raised $436 million from renowned investors globally and generated almost $700 million revenues since the global tech ecosystem launched. Hub71’s economic impact is also being felt with the creation of approximately 1,000 jobs. Longer term, the global tech ecosystem is developing its cross-border programs for startups to operate and scale in other markets, while deepening market access to the UAE for founders based overseas. Centers of Excellence and diversifying its investor base are also key priorities moving forward.
