Hub71, Abu Dhabi’s global tech hub, has added 21 startups to its Cohort 15, increasing the total number of ventures it supports to 243. These startups were selected from over 1,228 applications, with the group collectively raising over $130 million in capital. Notably, 80% of these startups are based outside the UAE, highlighting Hub71’s success in attracting international businesses and reinforcing Abu Dhabi’s position as a key global tech destination.
Of the Cohort 15 startups, nine will participate in Hub71’s Access programme, while seven will join the Hub71+ ClimateTech ecosystem, and five will become part of Hub71+ Digital Assets. Through these programs, the startups will gain access to Abu Dhabi’s dynamic tech ecosystem, receiving support in the form of market access, top talent, and investment opportunities. Additionally, high-performing startups could receive up to $68,000 (AED250,000) in further funding in exchange for equity after completing the programme.
Hub71’s growing community now includes startups in fields like FinTech, ClimateTech, HealthTech, EdTech, and logistics, which are poised to drive innovation and sustainable growth in Abu Dhabi’s economy. Many of the selected ventures are in the Seed and Series A stages, underscoring Hub71’s role in nurturing early-stage companies. For instance, Autone, a logistics startup from the US, has developed an AI-powered inventory management system and raised $4.8 million in funding. It joins Hub71’s Access programme, along with other innovators from around the globe.
Several startups are set to join Hub71+ ClimateTech, a specialized program supporting businesses that aim to advance sustainability goals. Among them is Plenesys, a French company that produces clean hydrogen at a lower cost using an innovative plasma methane pyrolysis process. Plenesys has secured $3 million in funding, joining 12 other startups within the ClimateTech ecosystem.
Meanwhile, five startups will enter the Hub71+ Digital Assets ecosystem, which focuses on fostering Web3 and digital asset innovation. One notable participant is Gateway.fm, a Norway-based company offering blockchain infrastructure services, which has raised $6 million in funding.
Ahmad Ali Alwan, CEO of Hub71, emphasized that Cohort 15 is filled with trailblazing companies positioned to contribute to Abu Dhabi’s growing tech sector. Hub71 supports these startups by offering access to capital, markets, and talent, helping them scale and make a global impact.
Hub71 continues to provide substantial incentives, including up to AED250,000 in in-kind services and additional equity funding. This initiative is part of its broader effort to cultivate innovation, strengthen Abu Dhabi’s tech ecosystem, and contribute to the UAE’s sustainability and economic goals.
Discover the State of Funding in MENA – 2019 to 2023 :
https://assiyaq.com/the-state-of-startup-funding-in-mena-2024-report/ of this month is taking you through the ups and downs of MENA’s startup funding over the last 5 years. If you’re a startup founder, an investor or an ecosystem builder, this is your chance to learn from the past, spot the trends, and write your own success story.
Don’t miss out on knowing the history that could shape our future!
