Hub71, the global technology ecosystem in Abu Dhabi, has proudly ushered in its 13th cohort, an impressive assembly of 23 new startups that collectively amassed over $53 million in funding. This milestone reinforces Hub71’s position as a dynamic hub for innovation and underscores the growing significance of climate tech solutions within its ecosystem.
Hub71 Fintech Cohort Program
After a stringent selection process, these 23 promising startups will be integrated into Hub71’s newly established Company Building Programme, reaping substantial benefits including up to AED 250,000 in in-kind incentives and AED 250,000 in cash in exchange for equity. Additionally, high-performing startups from this cohort will have the opportunity to secure an extra investment of up to AED 250,000 in return for additional equity after one year.
Notably, Hub71 witnessed an impressive 107 percent surge in applications from entrepreneurs hailing from over 100 countries, underscoring Abu Dhabi’s growing appeal as a global epicenter for innovative endeavors. This cohort represents a diverse array of tech startups, originating from various countries within the region, including the UAE, Egypt, and Saudi Arabia, as well as firms from the UK, Canada, India, and Armenia, who are eager to establish their presence in the thriving tech ecosystem of Abu Dhabi.
A remarkable 40 percent of the startups in this cohort hail from the United States, reflecting the increasing interest from established tech hubs in Abu Dhabi’s favorable innovation ecosystem. These startups span 11 diverse industries and will contribute to the advancement of sectors that align with Abu Dhabi’s strategic economic priorities, such as fintech, climatetech, healthtech, and edtech.
Fintech Ecosystem in the UAE
Seven of these startups will be integrated into Hub71+ Digital Assets, an exclusive ecosystem focused on unlocking the potential of Web3 and digital assets. Startups joining Hub71+ Digital Assets will have access to a network of 13 dedicated partners, including prominent digital asset exchanges, global technology providers, venture capital funds, blockchain platforms, and other commercial and investment opportunities necessary for scaling their operations.
Among the startups joining Hub71+ Digital Assets is Avantgarde Finance, headquartered in the UK and backed by $5.5 million in funding. This company provides a platform for digital asset investment managers to seamlessly integrate, launch their strategies, and expand on a significant scale.
Furthermore, in alignment with the increasing global emphasis on climate action, Hub71 has selected two climatetech startups that have developed pioneering technologies to contribute to a more sustainable future.
Aquaai, which has raised $1.5 million (AED 5.5 million), operates as a software and hardware service company delivering critical data from waterways through the use of 3D printed, bio-inspired fishlike drones.
Meanwhile, Carbonsifr, a UAE-founded climate tech platform, empowers businesses to take concrete climate action through innovative solutions, including an emissions calculation engine, AI-based reduction platform, and a checkout tool to engage consumers in daily climate-friendly choices.
Ahmad Ali Alwan, Deputy CEO of Hub71, commented on the progress of Abu Dhabi’s tech ecosystem, stating, “With each cohort, we are observing a growing interest from high-growth startups worldwide seeking to establish and expand their businesses from Abu Dhabi. Tech entrepreneurs recognize the distinct advantages of setting up their companies in the UAE capital, which provides a conducive environment for developing and marketing innovative products and services that can revolutionize 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 tailored three-month course offering expert mentorship and crucial support, startups joining Hub71 will gain access to a vast network of corporate, government, investment, and talent partners operating within Abu Dhabi’s technology ecosystem. This extensive network significantly enhances the prospects of securing commercial deals, investments, and market growth opportunities.
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