25leading companies raise $122 million in funding through Hub71

Hub71, the global tech ecosystem in Abu Dhabi, has announced the addition of 25 new startups to its Access program, along with their inclusion in its specialized platforms for digital assets, Hub71+ Digital Assets, and climate technology, Hub71+ ClimateTech.

This brings the total number of startups currently enrolled in Hub71 programs to 223.

The 14th cohort of startups joining the ecosystem has collectively raised over $122 million, averaging $5 million per startup.

Hub71 continues its efforts to attract a diverse range of global tech startups to Abu Dhabi, having received over 1200 applications, predominantly from international markets.

The startups joining Hub71 represent a variety of countries, enhancing Abu Dhabi’s appeal as a leading global tech hub and launchpad for startup growth.

Statistics indicate that 64% of the new joining startups are in the early financing stages, demonstrating Hub71’s ability to support promising ventures during their initial growth phases.

These startups operate in 9 different sectors including fintech, climate tech, health tech, edtech, transportation, and logistics services.

They are expected to contribute to fortifying Abu Dhabi’s key sectors in the future.

Ahmed Ali Alwan, CEO of Hub71, stated: “Abu Dhabi continues its journey of empowering innovative tech companies, with Hub71 programs providing essential support for startups and hosting forward-thinking entrepreneurs.”

The success of the 14 new startups in fundraising serves as a testament to the strong potential that Hub71 programs aim to realize.

This group also includes the first startups to join the Hub71+ ClimateTech initiative, which aims to develop solutions to climate challenges and support sustainability in the UAE.

Among the startups joining Hub71+ ClimateTech are five companies set to be the initial cohort in this dedicated ecosystem for carbon removal technologies and climate neutrality support.

These startups will benefit from a broad network of partners and investors in Abu Dhabi, aiming to expand their climate technologies globally.

Additionally, 9 new startups have joined the Hub71+ Digital Assets ecosystem, bringing the total number of companies in this ecosystem to 17.

Among these companies are Bit2Me, a leading digital currency company in Europe, which raised $15 million, and Immersve, offering solutions for Web3 wallets, which raised $9 million.

Startups participating in the Access program at Hub71, or in Hub71+ ClimateTech, or in Hub71+ Digital Assets will receive incentives of up to 250,000 UAE dirhams and equivalent cash incentives in exchange for equity stakes.

After one year, high-performing companies will be eligible for additional incentives of 250,000 UAE dirhams in exchange for additional equity stakes.

Startups will also receive guidance from experts, dedicated support, and partnership opportunities from the Hub71 network to enhance their capabilities for expansion and growth.

Related Articles

Back to top button