Hub71 Welcomed 16 New Start-Ups to Its Ecosystem

Hub71, Abu Dhabi’s global technology ecosystem, has announced the acceptance of 16 start-ups to its community, as part of efforts to transform the Emirate into a leading innovation hub.

The group of new startups, which have so far raised more than AED231 million ($63 million) in funding, will have the opportunity to develop cutting-edge technologies and benefit from the access to markets, investments that Hub71 offers. The group includes start-ups from leading international technology centres, including the United Kingdom, the United States and South Korea.

Notable companies in this group include TAG, Pakistan's first digital bank, UAE-based Trade Capital Partners, a platform that facilitates access to working capital for emerging market start-ups, small and medium-sized businesses, and Zywa, the first new teen bank in the MENA region. Other accepted companies include UAE-based Letswork, an app that allows members to book workspaces and work remotely in hotels, cafés, shared spaces and other unique venues, as well as a private educational platform Ostaz that aims to help students make academic progress.

The new group will benefit from Hub71's acceleration program and structured programs to enhance investment capabilities, as well as a new set of flexible incentives that allow founders to choose the level of support they need based on the needs of their companies. The group joining Hub71 will be able to access the innovation ecosystem in Abu Dhabi and benefit from opportunities for expansion and knowledge exchange.

Since the establishment of the system, Hub71 start-ups have raised investments worth 1.5 billion dirhams and concluded deals worth 36 million dirhams through the technology system partners from companies, as well as achieving revenues of 1.2 billion dirhams.

Hub71 provides start-ups with access to a wide network of strategic partners and investors and offers them the opportunity to showcase the potential and marketability of their products. More than 20 proofs of concepts have been signed between partners and start-ups since the establishment of the system, and deals worth 36 million dirhams are expected to be concluded between them, as it provides a platform for introducing innovative ideas and launching venture capital companies in Abu Dhabi.