Brands
YSTV
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Ys Gulf Edition

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

Videos

Abu Dhabi's Hub71 onboards 23 startups as its 13th cohort

The cohort includes tech startups from UAE, Egypt, Saudi Arabia, the UK, Canada, India, and Armenia, with 40% of the startups from the US.

Abu Dhabi's Hub71 onboards 23 startups as its 13th cohort

Tuesday October 31, 2023,

2 min Read

Abu Dhabi's Hub71 has welcomed 23 new startups, raising over $53 million in funding as part of its latest cohort.

The startups will enter Hub71's Company Building Programme, receiving up to $68,073 in in-kind incentives and $68,073 in cash for equity, according to a statement shared on Zawya.

Additionally, high-performing startups will also receive a top-up of up to $68,073 in exchange for additional equity after one year.

The cohort includes tech startups from UAE, Egypt, Saudi Arabia, the UK, Canada, India, and Armenia, with 40% of the startups from the US. Operating in 11 diverse industries, these startups will support sectors aligned with Abu Dhabi's strategic economic priorities, such as fintech, climate tech, healthtech, and edtech.

Seven startups will join Hub71+ Digital Assets, a specialist ecosystem focusing on Web3 and digital assets growth. The network includes 13 partners, including exchanges, global technology providers, venture capital funds, and blockchain platforms. Among them is Avantgarde Finance, a UK-based startup, which has raised $5.5 million and offers a platform for digital asset investment managers to launch strategies and grow at scale.

These startups will receive customised mentorship, advice, and support, and gain access to a diverse network of partners, increasing opportunities for deals, investments, and market growth.

Ahmad Ali Alwan, Deputy CEO of Hub71, said an increasing interest from high-growth startups worldwide seeking to establish businesses and expand from Abu Dhabi.

"Tech entrepreneurs recognise the distinct advantages of setting up their companies in the UAE capital, which provides a favourable environment for developing and marketing innovative products and services that can transform the business world,” he added.

Hub71 has also chosen two UAE-based climate tech startups Acquai and Carbonsifr. Acquai, a software and hardware service company, uses 3D-printed, bio-inspired fishlike drones to collect data from waterways.

Carbonsifr, a climate tech platform, offers businesses tangible climate action solutions like an emissions calculation engine, an AI-based reduction platform, and daily consumer engagement tools.

Hub71 has seen a 107% increase in applications from over 100 countries, highlighting its growing appeal as a growth destination for entrepreneurs.



For any press related queries or to share your press releases, write to us at
[email protected].



Edited by Suman Singh