Middle East

"HUB71" It welcomes 25 startups from 11 countries to its group of 14

ABU DHABI, 15 APRIL / WAM / Hub71, the global technology ecosystem in Abu Dhabi, announced that 25 new selected startups have joined the Access program at Hub71, and its two specialized systems for digital assets, Hub71+ Digital Assets, and climate technology, Hub71+ ClimateTech, bringing the total number of startups joining the programs. Hub71 currently has 223 companies.

The group of 14 startups joining the system succeeded in raising funding worth more than $122 million, with an average of $5 million per startup.

As part of Hub71’s ongoing efforts to attract a diverse group of emerging global technology companies to Abu Dhabi, the technology ecosystem received more than 1,200 applications to join it, and the percentage of applications submitted from international markets reached more than 65% of the total applications.

The startups joining Hub71 also represent a diverse range of countries; It includes the UAE, the Arab Republic of Egypt and the Kingdom of Saudi Arabia, in addition to emerging projects from the United States of America, the United Kingdom, Canada, Singapore, Sweden, New Zealand, Spain and South Korea, which enhances Abu Dhabi’s attractiveness as a leading global technology center and as a launching pad for the growth of startups.

In addition, 64% of the new joining companies belong to the seed and Series A financing stages, which confirms the ability of the Hub71 ecosystem to expand the scope of promising projects during their early stages of growth.

These startups operate within 9 different sectors, including: Financial technology, climate technology, health technology, educational technology, transportation and logistics services. These companies will play an important role in the future in fortifying the main sectors of Abu Dhabi’s economy.

Ahmed Ali Alwan, CEO of Hub71, said: “Abu Dhabi continues its path aimed at empowering innovative technology companies, as Hub71’s specialized programs provide the means that startups need to succeed and embrace business founders with promising future visions. In this context, the new 14 group Of particular importance, as the success of these companies in raising funds confirms the strong growth potential that Hub71 programs seek to unleash. In addition, this group also includes the first startups to join the specialized climate technology initiative Hub71+, which aims to develop solutions aimed at confronting climate challenges. globalization and supporting the sustainability ambitions of the UAE.”

Among the group’s 14 companies, five startups will join the Hub71+ ClimateTech ecosystem, making them the first batch of companies to join this ecosystem dedicated to developing carbon removal technologies and supporting climate neutrality in the future.

The emerging companies in this ecosystem will benefit from a wide network of leading regional and international companies, investment partners and the advanced regulatory environment in Abu Dhabi, in an effort to expand the scope of their climate technologies on a global level. Among these companies are: Canada-based Basetwo, which has raised $6 million in funding; It provides an experimental artificial intelligence platform designed to help engineers provide technical recommendations that improve returns, to reduce the time and costs of production cycles, without affecting the quality of products.

On the other hand, Swedish startup Graphmatech raised $10 million; It uses innovative graphene technology to develop hydrogen economy solutions and high-performance batteries.

Hub71+ Digital Assets, the digital assets ecosystem specialized in unlocking the growth potential of Web 3 technologies and digital assets, continued to achieve significant growth with 9 new startups joining it, bringing the total number of startups in this specialized ecosystem to 17 companies, including; Bit2Me, a leading cryptocurrency broker in Europe that has raised $15 million in funding and Immersve, an end-to-end solution for Web3 wallets that support centralized and decentralized payment experiences, has raised $9 million in funding.

Startups joining Hub71’s Access programme, the Hub71+ ClimateTech ecosystem or the Hub71+ Digital Assets ecosystem will benefit from in-kind incentives worth up to AED 250,000 and cash incentives worth up to AED 250,000 in exchange for equity stakes. High-performing startups will also be eligible, after one year, to receive additional incentives worth AED 250,000 in exchange for additional equity stakes. Startups will also receive expert guidance and tailored advice, and will have access to Hub71’s growing network of market and capital partners to unleash their full potential to scale and grow.

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