Abu Dhabi's Hub71 Introduces 25 Global Start-Ups In Latest Cohort

Abu Dhabi's Hub71, a prominent global tech ecosystem, has recently announced the inclusion of 25 new start-ups into its innovative programmes. This addition marks a significant milestone, expanding its portfolio to 223 start-ups under its "Access" programme and specialist ecosystems Hub71+ Digital Assets and Hub71+ ClimateTech. The latest cohort, Cohort 14, has collectively raised over US$122 million in funding, averaging $5 million per start-up, showcasing the high potential and growth trajectory of these emerging companies.

Hub71's appeal as a leading tech hub on a global scale is evident from the over 1,200 applications received, with more than 65 percent originating from international markets. The diversity of the new cohort is notable, with start-ups coming from not only the UAE, Egypt, and Saudi Arabia but also from the United States, the United Kingdom, Canada, Singapore, Sweden, New Zealand, Spain, and South Korea. This diversity underscores Abu Dhabi's strategic position as a launchpad for start-up growth and innovation.

The majority of these start-ups are in their Seed and Series A stages, accounting for 64 percent of the cohort. They operate across nine critical sectors such as FinTech, ClimateTech, HealthTech, EdTech, and Mobility and Logistics. Their integration into Abu Dhabi's economy is poised to play a crucial role in future-proofing these essential sectors.

Significantly, five start-ups will be joining the Hub71+ ClimateTech ecosystem. This marks the first batch to be part of this dedicated ecosystem aimed at advancing technologies that contribute to decarbonisation and support a net-zero future. Among these is Basetwo, a Canadian-headquartered company that has successfully raised $6 million. Basetwo's AI co-pilot platform is designed to offer engineers tactical recommendations to enhance production efficiency. Another notable company is Graphmatech from Sweden, which has raised $10 million and is developing solutions using advanced graphene technology for the hydrogen economy and high-performance batteries.

The Hub71+ Digital Assets ecosystem has also seen significant growth with nine new start-ups joining, bringing the total to 17. This includes Bit2Me, a leading crypto brokerage in Europe with $15 million in raised funds, and Immersve, which has developed an end-to-end solution for Web3 wallets raising $9 million.

Ahmad Ali Alwan, CEO of Hub71, highlighted the importance of this cohort: "As Abu Dhabi continues to empower innovative tech companies, Hub71's revamped programmes and specialist ecosystems provide start-ups with the resources they need to succeed in a market embracing transformation and visionary founders. Cohort 14 is particularly noteworthy." He further emphasized the significance of including the first start-ups in the Hub71+ ClimateTech specialist ecosystem aimed at addressing global climate challenges.

Start-ups joining Hub71’s programmes will benefit from up to AED250,000 worth of in-kind incentives and AED250,000 in cash for equity. Additionally, high-performing start-ups will be eligible for a top-up of up to AED250,000 in exchange for additional equity after one year. They will also receive expert mentorship and tailored advice while tapping into Hub71’s growing network of market and capital partners to unlock further growth opportunities.

This initiative by Hub71 not only fosters innovation but also significantly contributes to Abu Dhabi's vision of becoming a leading global tech hub. By supporting start-ups from diverse sectors and regions, Hub71 is setting a new standard for tech ecosystems worldwide.

With inputs from WAM