Abu Dhabi’s digital hub, Hub71, welcomes 23 entrepreneurs with $53 million in funding, amplifying the city’s global business allure.
As part of its most recent cohort, Hub71, Abu Dhabi’s global digital ecosystem, has welcomed 23 new entrepreneurs that have raised a total of over $53 million in funding.
The 23 firms who made it through the strict screening process will now participate in Hub71’s new Company Building Programme, where they will get AED 250,000 in cash for equity along with up to AED 250,000 in in-kind incentives. After a year, high-performing firms from the most recent cohort can additionally earn a top-up of up to AED 250,000 in exchange for more stock.
Hub71 experienced a 107% surge in applications from more than 100 countries, highlighting Abu Dhabi’s growing appeal as a cutting-edge hub for global business leaders. The new group of investors includes tech firms from the UAE, Egypt, and Saudi Arabia in addition to businesses from the UK, Canada, India, and Armenia that plan to set up shop in Abu Dhabi.
American startups make up 40% of the latest cohort. Established IT centres are showing more interest in Abu Dhabi’s powerful innovation ecosystem. The companies will support Abu Dhabi’s strategic economic goals by growing fintech, healthtech, edtech, and climatetech enterprises across eleven industries.
Seven of the cohort’s enterprises will join Hub71+ Digital Assets, a dedicated ecosystem, to maximise Web3 and digital asset growth. Hub71+ Digital Assets businesses have 13 committed partners, including leading digital asset exchanges, worldwide technology corporations, venture capital funds, blockchain platforms, and other business and funding alternatives for expansion.
Moreover one of the startups joining Hub71+ Digital Assets is Avantgarde Finance, based in the UK. It has raised $5.5 million in funding and offers digital asset investment managers a platform to plug into, launch their strategies, and expand at scale.
Hub71: Focus on climate tech
As the potential of innovation and technology to promote climate action in the UAE becomes more widely recognised, Hub71 chose two climatetech businesses whose cutting-edge innovations are assisting in the development of a more sustainable future.
With $1.5 million (AED 5.5 million) raised, Aquaai is a software and hardware services startup that uses 3D printed, fish-shaped drones that are bioinspired to transmit data from waterways.
In the meantime, Carbonsifr is a climate tech platform established in the United Arab Emirates that empowers companies to implement concrete climate action through their climate-tech solutions, like an emissions calculator, an AI-based reduction platform, and a checkout tool to engage customers on a daily basis.
The development of Abu Dhabi’s digital ecosystem was elucidated by Hub71’s deputy CEO, Ahmad Ali Alwan: “With each cohort, we are noticing increasing interest from high-growth startups worldwide seeking to establish their businesses and expand from Abu Dhabi.”
Finally tech entrepreneurs understand the unique benefits of establishing their businesses in the capital of the United Arab Emirates, which offers an ideal setting for creating and promoting cutting-edge goods and services with the potential to revolutionise the business sector. Hub71 is expanding its community of visionary entrepreneurs who will lead the way in innovation by drawing in firms with enormous growth potential.
Startups that join Hub71 will have access to a wide network of corporate, government, investment, and talent partners operating within Abu Dhabi’s technology ecosystem, in addition to a customised three-month course that will provide them with expert mentorship, tailored advice, and critical support. This will greatly increase their chances of securing business deals, investment, and market growth opportunities.
