Abu Dhabi’s Hub71 welcomes 16 new startups to join ecosystem

Abu Dhabi’s tech ecosystem Hub71 has accepted 16 startups to join its community as part of accelerating the emirate’s position as an innovation hub.

The accepted cohort includes early-stage startups with representation from technology hubs including the UK, US and South Korea. Among them are Pakistan’s first digital bank, TAG; UAE-based Trade Capital Partners, a platform that boosts access to working capital for startups and small to medium-sized enterprises in emerging markets; and Zywa, the first neobank for teenagers across the MENA region. Also joining are UAE-founded Letswork, an app that allows members to book workspaces and work remotely; and Ostaz which offers a private tutoring platform for students, a statement said.

We are thrilled to welcome 16 new startups to the #Hub71 family! These startups are ready to make a major impact within their sectors and now call Hub71 their home here #inAbuDhabi

Find out more: https://t.co/AVW30y5CMx pic.twitter.com/AVdhYTQM8k

— Hub71 (@hub71ad) May 12, 2022

The new startup cohort, which has already raised over Dhs231m in funding, will be able to develop advanced technologies and will stand to benefit from Hub71’s accelerator programme and structured programmes to boost investment potential. Additionally, the cohort will gain access to Abu Dhabi’s innovation ecosystem with opportunities to scale and facilitate knowledge exchange.

Badr Al-Olama, acting CEO of Hub71, said: “Our first cohort of the year reflects our ambition of matching our pace with that of global tech startups that have the highest growth potential. What makes Hub71 so different is our founder-centric approach that puts emphasis on building leaders and teams to sustain exponential growth for startups. We believe in nurturing talent, and the entrepreneurs from this cohort seem eager and ready to unleash their potential.”

Since its inception, Hub71’s startups have raised Dhs1.5bn of investment and landed deals worth Dhs36m through the tech ecosystem’s corporate partners, while also generating approximately Dhs1.2bn in revenue.

Read: Hub71 leads Dhs1.5bn investments for Abu Dhabi startups

Read: Abu Dhabi’s Hub71 partners with Stripe on payment solutions for tech startups