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Hub71 attracting tech start-ups

Hub71 Cohort 14 welcomes 25 start-ups from 11 countries

ABU DHABI, April 16, 2024

Hub71, Abu Dhabi's global tech ecosystem, has welcomed 25 new start-ups as part of its latest cohort, a report said.

The selected start-ups will enter Hub71’s ‘Access’ programme, and specialist ecosystems Hub71+ Digital Assets and Hub71+ ClimateTech, bringing the total number currently in Hub71’s programmes to 223, Emirates News Agency, WAM, said.

Hub71’s Cohort 14 has raised more than $122 million in funding, with each start-up raising $5 million on average.

Hub71 continues to attract a diverse range of international tech start-ups to Abu Dhabi, receiving over 1,200 applications, with more than 6% from international markets.

The onboarded start-ups hail from countries across the region, including the UAE, Egypt, and Saudi Arabia, and ventures from the United States, the United Kingdom, Canada, Singapore, Sweden, New Zealand, Spain, and South Korea, reinforcing Abu Dhabi’s global appeal as a leading tech hub and launchpad for startup growth.

In addition, 64% of the cohort are Seed and Series A, reflecting Hub71’s ability to scale high-potential start-ups from the early stages of growth.

Operating in nine sectors, including FinTech, ClimateTech, HealthTech, EdTech, and Mobility and Logistics, the start-ups will play a vital role in future-proofing key sectors of Abu Dhabi’s economy.

Five start-ups in the cohort will join Hub71+ ClimateTech, representing the first batch to join the specialist ecosystem dedicated to advancing technologies that drive decarbonisation and support a net-zero future.

The start-ups will benefit from a broad network of leading regional and global corporations, investment partners, and Abu Dhabi’s progressive regulatory environment to scale their climate technologies globally.

Among the start-ups is Canadian-headquartered Basetwo, which has raised $6 million in funding and provides an AI co-pilot platform designed for engineers offering tactical recommendations to optimise production yield to reduce cycle time and costs without compromising product quality.

Swedish start-up Graphmatech has also raised $10 million and employs cutting-edge graphene technology to develop solutions for the hydrogen economy and high-performance batteries.

Similarly, Hub71+ Digital Assets, the specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets, continued to witness significant growth with the onboarding of nine new start-ups, increasing the total number of start-ups in the specialist ecosystem to 17.

Notable additions to the specialist ecosystem include Bit2Me, an industry-leading crypto brokerage in Europe, which has raised $15 million, and Immersve, an end-to-end solution for Web3 wallets, to support centralised and decentralised payment experiences which raised $9 million.

Ahmad Ali Alwan, CEO of Hub71, said: “As Abu Dhabi continues to empower innovative tech companies, Hub71's revamped programmes and specialist ecosystems provide start-ups with the resources they need to succeed in a market embracing transformation and visionary founders. Cohort 14 is particularly noteworthy.

“The cohort's start-ups' track record of successful fundraising emphasises the strong growth potential Hub71 programmes aim to unlock.

“Furthermore, this cohort also includes the first start-ups joining the Hub71+ ClimateTech specialist ecosystem, which aims to develop solutions aimed at addressing global climate challenges and supporting the UAE's sustainability ambitions."

By joining Hub71’s “Access” programme, Hub71+ ClimateTech or Hub71+ Digital Assets, start-ups will benefit from up to AED250,000 worth of in-kind incentives and AED250,000 in cash for equity.

After a year, high-performing start-ups will also be eligible to receive a top-up of up to AED250,000 in exchange for additional equity.

Start-ups will also receive expert mentorship and tailored advice and will be able to tap into Hub71’s growing network of market and capital partners to unlock growth opportunities.


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