Following the selection of 20 companies to join its most recent cohort, Hub71, Abu Dhabi’s global tech ecosystem, has seen growth in its community to more than 200 startups.
The new cohort is Hub71’s third intake of startups this year. Global founders applying to join Abu Dhabi’s international tech ecosystem saw a 60% increase in applications.
The entrepreneurs will have access to Hub71’s active community within a huge tech ecosystem of active investors, corporate, governmental, and academic partners that serve as important catalysts for company growth. The goal of Abu Dhabi’s global IT ecosystem is to maximize entrepreneurs’ access to financing and business opportunities from the capital of the United Arab Emirates. Flexible incentives will also help entrepreneurs by lowering the setup costs and procedures.
The new cohort of startups at Hub71 hails from six different international locations. Nine of the 20 startups in the cohort are based in the UAE, and the remaining 11 have moved to Abu Dhabi, demonstrating the capital of the UAE’s continued ability to draw top-tier businesses that contribute to the community of Hub71’s worldwide diversity.
Hub71 chose startups functioning in crucial economic areas to aid Abu Dhabi’s development of its economy. Among the several industries is CleanTech, where Hub71 chose 44.01, a business that reduces carbon emissions by converting carbon dioxide into rock. The addition of Finland’s iFarm, which develops novel agricultural technology to support automated vertical farming, increased the number of other AgTech businesses chosen. A spotlight was also placed on fintech, where Abu Dhabi is quickly embracing the fusion of money and technology. Thndr, a Dutch FinTech firm that offers a digital investing platform governed by the Egyptian Financial Regulatory Authority, has already funded over AED 80 million (US$22 million).
Hub71’s acting CEO, Badr Al-Olama, declared: “Hub71 has now achieved a significant milestone by cultiv
ating a community of more than 200 innovative businesses in Abu Dhabi. This achievement proves that Abu Dhabi is becoming into a hub for top-notch businesses with significant potential and influence. The businesses in our most recent cohort have strengthened themselves with capital totaling half a billion dirhams, and we anticipate their development into global powerhouses on the international scene.
Discover the full list of startups here.
Image provided by Hub71