Hub71 Accepts Latest Cohort Of Startups To Join Its Community In UAE Capital
Hub71, Abu Dhabi’s global tech ecosystem, has selected its new cohort of startups to join its community in the UAE capital. Hub71 is increasing market access for founders worldwide to join and partner with Abu Dhabi’s rapidly growing tech ecosystem, which is now ranked in the top 10 startup ecosystems worldwide, according to Startup Genome.
The tech ecosystem is diversifying its sources of attracting high quality startups at all stages with solutions that can generate real impact through its programmes and partnerships.
The cohort gathers startups at various stages of growth that have collectively raised $34 million in funding and have committed to relocate 82 entrepreneurs to Abu Dhabi. A total of 14 new startups will join Hub71’s Incentive Programme which features an expanded range of incentives that provide more choice and flexibility for founders to benefit from dedicated resources to support the growth of their ventures.
Hub71’s signed with first unicorn (a startup valued at more than $1 billion) to join its growing community in the second quarter of 2021. CARS24, India’s biggest online retailer for used cars and the UAE’s largest used car retailer is valued at $1.84 billion and part of Hub71’s Value Creation Programme, targeted at later stage startups. Healthcare X.0, Hub71’s first startup from Germany and digital oncology specialist is also part of the programme.
Collectively, the Q2 cohort has raised $34m from VC funds, angel investors, subsidies and grants. A total of 14 startups were selected from 108 applications. Most of the successful startups specialise in HealthTech, Artificial Intelligence and Software, originating from countries including Israel, Canada, USA, Bahrain, Japan, UK, Turkey, Mauritius, South Africa, and Saudi Arabia.
The applications primarily originated from the UAE (34 percent ) followed by USA (11 percent ) and UK (6 percent ). As Hub71’s profile grows internationally, the global tech ecosystem received its first applications from Latvia, Spain, Belgium, Bulgaria, Portugal and Romania.
Jida Itani, Chief Operating Officer at Hub71, commented, "As Hub71 matures and we continue to build momentum in growing the tech ecosystem of Abu Dhabi globally, we have made it a priority to strengthen our value proposition for later-stage startups and increase market access for tech startups at all stages. In doing so, we have attracted our first globally enduring tech company that is now benefitting from our Value Creation Programme.
"With a 16 percent success rate, this cohort has demonstrated its exceptionalism to join Hub71 and take their businesses forward in the stable economic environment Abu Dhabi provides. Hub71 startups have raised an additional $263M when joining our community, demonstrating the unique potential to raise funds at any stage being part of our tech ecosystem. We encourage our new cohort to pursue investment and benefit from our funding proposition within our fast-growing capital community."
The second cohort of 2021 will be the first to benefit from Hub71’s new broader range of incentives that provide generous support packages to help startups thrive. The incentives are flexible and tailored to meet the specific requirements of startups at any stage. As part of Hub71’s commitment to creating value, its incentives are designed to accelerate a startup’s access to market, the ability to attract talent and raise funding, while easily settling in and scaling up in Abu Dhabi’s business-friendly environment.
The equity-free incentives go beyond subsidised housing, health insurance and office space and now include workforce support, license and visa support, upskilling, growth marketing and discounted perks to ease the process of growing a startup in Abu Dhabi.
"Being value and impact-driven, we constantly review our offering to stay ahead of the curve. Our expanded range of incentives will offer startups greater value, more choice and flexibility to gain dedicated resources and support that bolster their business operations," added Itani.