Hub71 selects 16 new startups from India, Saudi Arabia, Turkey, Mauritius and South Africa developing world-first technologies
Hub71, Abu Dhabi’s global tech ecosystem, has selected 16 tech startups from 11 countries and seven sectors out of 150 applicants to join its community. The number of successful applications reflect an 11 per cent success rate that led to Hub71 selecting its first startups from India, Saudi Arabia, Turkey, Mauritius and South Africa, in addition to its first SpaceTech startup, following the pioneering Emirates Mars Mission.
To ensure the world’s highest potential startups can access the region from the UAE capital, Hub71 selected startups that have collectively raised more than AED 274 million in funding from globally renowned institutions and world leading investors. Building on its broad range of technology sectors, Hub71 applicants were primarily from startups specialized in FinTech (24 percent), followed by Software (21 percent), E-Commerce (17 percent) and Artificial Intelligence (11 percent), all of which are high-growth and priority sectors to Abu Dhabi’s economic and digital transformation. Following Hub71’s milestone of attracting more than 100 startups in under two years, applications for the cohort were received from 34 countries primarily from founders based in the UAE (38 percent), USA (10 percent), and UK (7 percent).
Ibrahim Ajami, Interim CEO of Hub71 and Head of Ventures and Growth at Mubadala Investment Company, said,“Our first cohort of 2021 builds on our momentum and is a clear reflection of our emphasis on attracting and admitting the most promising startups from around the world to our dynamic community. As our community evolves, we are preparing to launch our new generation of incentives that give founders more flexibility and choice to ensure we can meet their needs at any stage.”
Ajami shared that Hub71 is also working on offering startups better opportunities to access the market and raise funding through stronger relations with its corporate partners and funds. “This cohort will gain considerable opportunities to penetrate a growing market that is committed to embedding technology and innovation as part of its sustainable growth,” he added.
Today, more than 15 local, regional, and international VC funds are based at Hub71 with assets under management worth more than USD 1.72 billion.
Applicants for Hub71’s first cohort of 2021 stated that access to funding, customers and a community of like-minded individuals were the top three reasons for applying to join Hub71’s dynamic community.