Hub71 partners with ADIO to grant AED 10 Million to startups
Hub71, Abu Dhabi’s global tech ecosystem, and the Abu Dhabi Investment Office (ADIO) have partnered to support early-stage tech startups in growing their teams and scaling their businesses with purpose to generate societal impact. Hub71’s partnership with ADIO, under its Innovation Program, reinforces the emirate’s commitment to sustaining a robust, competitive environment for startups to gain access to capital, commercial activities and incentives from both the public and private sectors.
The partnership also complements Hub71’s new program, ‘The Outliers’, an annual initiative led by Hub71 in partnership with key corporate and government partners designed to solve their operational challenges. The program aims to promote a culture of innovation within organizations that are seeking to collaborate with startups and invest in the pioneering ideas of founders to optimise business processes and drive efficiencies. This year, Mastercard, Etihad Airways, Thales, ADCB, Mashreq Bank and the Department of Health Abu Dhabi have each set problem statements and will engage directly with entrepreneurs to develop proof of concepts (POCs) that have strong potential to commercialize and go-to-market. Successful startups will gain access to up to AED 100,000 (USD 27,000) worth of funding for POCs, other benefits, in addition to partnership contracts and the chance to join Hub71’s vibrant community to benefit from its incentives, value-add programs and global partners.
Hub71 and ADIO hosted a Demo Day for existing Hub71 startups to pitch for cash grants, provided by ADIO, aimed at accelerating their growth. Following a rigorous screening process run by an investment committee comprising members from Hub71 and ADIO, 10 startups were selected to receive grants worth more than AED 10 million (USD 2.7m) to accelerate the development of their innovative solutions. The list included Aumet, Denarii Cash, DoctorsAE, Key2Enable, Mental, Tarabut Gateway, ProvenMed, Sensgreen, Takalam and Proteinea. These successful companies specialize in HealthTech, FinTech, AgTech and information and communication technologies, reflecting Abu Dhabi’s commitment to nurturing a diverse range of innovative ideas and technologies in high growth areas.