Posted inStartUp

Hub71 and ADIO ink partnership to support early stage start-ups

The start-up incubator Hub71 has signed over 100 start-ups to its program, and it has raised more than $50 million in capital since its 2019 launch

Abu Dhabi tech start-up hub sees rise in female entrepreneurs

Since its launch in March 2019, Hub71 has grown its start-up community to more than 75 global firms.

Hub71, Abu Dhabi’s tech ecosystem and the Abu Dhabi Investment Office (ADIO) will support early-stage tech start-ups through a new partnership.

The start-up incubator Hub71 has signed over 100 start-ups to its program, and it has raised more than $50 million in capital since its 2019 launch.

Hub71 and ADIO hosted a demo day for existing Hub71 start-ups to pitch for cash grants, provided by ADIO, aimed at accelerating their growth. Following a screening process run by an investment committee comprising members from Hub71 and ADIO, 10 start-ups were selected to receive grants worth more than AED10 million (US$2.7m) to accelerate their development.

Ibrahim Ajami, interim CEO of Hub71 and head of ventures and growth at Mubadala Investment Company, commented, “We are committed to supporting tech start-ups by leveraging the network of partners that back our mission and strive to provide opportunities to access funding or grants. Capital is an instrumental enabler that unlocks our start-ups’ growth.”

“It is initiatives like these that showcase the benefits of public-private partnerships that are a staple within the unique environment of Abu Dhabi,” he added.

The companies that received cash grants from ADIO at the demo day specialise in HealthTech, FinTech, AgTech and information and communication technologies (ICT).

Dr. Tariq bin Hendi, Director-General of ADIO, said, “Start-ups are key to Abu Dhabi’s economy, both in terms of economic benefit as well as the bold ideas and ambition they bring to the business ecosystem. The government plays a critical role in creating an environment where businesses are supported to succeed, and at ADIO, we are investing maximum resources and efforts to ensure innovative start-ups can successfully scale up from Abu Dhabi.”

Dr. Tariq bin Hendi, Director-General of ADIO

Hub71’s The Outliers program allows start-ups to collaborate with corporations and government agencies in Abu Dhabi.

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 start-ups will gain access to up to AED100,000 ($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,” the statement said.

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