- First unicorn joins from India as part of ‘Value Creation’ Program
- New flexible incentives tailored to the requirements of founders at all stages of growth
Abu Dhabi, United Arab Emirates : Hub71, Abu Dhabi’s global tech ecosystem, has selected its new cohort of startups to join its community in the UAE capital. Hub71 is increasing market access for founders worldwide to join and partner with Abu Dhabi’s rapidly growing tech ecosystem, which is now ranked in the top 10 startup ecosystems worldwide, according to Startup Genome. The tech ecosystem is diversifying its sources of attracting high quality startups at all stages with solutions that can generate real impact through its programs and partnerships.
The cohort gathers startups at various stages of growth that have collectively raised $34 million in funding and have committed to relocate 82 entrepreneurs to Abu Dhabi. A total of 14 new startups will join Hub71’s Incentive Program which features an expanded range of incentives that provide more choice and flexibility for founders to benefit from dedicated resources to support the growth of their ventures.
Hub71’s signed with first unicorn (a startup valued at more than $1 billion) to join its growing community in the second quarter of 2021. CARS24, India’s biggest online retailer for used cars and the UAE’s largest used car retailer is valued at $1.84 billion and part of Hub71’s Value Creation Program, targeted at later stage startups. Healthcare X.0, Hub71’s first startup from Germany and digital oncology specialist is also part of the program.
Characterizing the second quarter cohort
Collectively, the Q2 cohort has raised $34m from VC funds, angel investors, subsidies and grants. A total of 14 startups were selected from 108 applications. Most of the successful startups specialize in HealthTech, Artificial Intelligence and Software, originating from countries including Israel, Canada, USA, Bahrain, Japan, UK, Turkey, Mauritius, South Africa, and Saudi Arabia.
The applications primarily originated from the UAE (34 per cent) followed by USA (11 per cent) and UK (6 per cent). As Hub71’s profile grows internationally, the global tech ecosystem received its first applications from Latvia, Spain, Belgium, Bulgaria, Portugal and Romania.
Jida Itani, Chief Operating Officer at Hub71, said: “As Hub71 matures and we continue to build momentum in growing the tech ecosystem of Abu Dhabi globally, we have made it a priority to strengthen our value proposition for later-stage startups and increase market access for tech startups at all stages. In doing so, we have attracted our first globally enduring tech company that is now benefitting from our Value Creation Program.
“With a 16 per cent success rate, this cohort has demonstrated its exceptionalism to join Hub71 and take their businesses forward in the stable economic environment Abu Dhabi provides. Hub71 startups have raised an additional $263M when joining our community, demonstrating the unique potential to raise funds at any stage being part of our tech ecosystem. We encourage our new cohort to pursue investment and benefit from our funding proposition within our fast-growing capital community.”
New flexible incentives
The second cohort of 2021 will be the first to benefit from Hub71’s new broader range of incentives that provide generous support packages to help startups thrive. The incentives are flexible and tailored to meet the specific requirements of startups at any stage. As part of Hub71’s commitment to creating value, its incentives are designed to accelerate a startup’s access to market, the ability to attract talent and raise funding, while easily settling in and scaling up in Abu Dhabi’s business-friendly environment.
The equity-free incentives go beyond subsidized housing, health insurance and office space and now include workforce support, license and visa support, upskilling, growth marketing and discounted perks to ease the process of growing a startup in Abu Dhabi.
“Being value and impact-driven, we constantly review our offering to stay ahead of the curve. Our expanded range of incentives will offer startups greater value, more choice and flexibility to gain dedicated resources and support that bolster their business operations.”, added Itani.
Q2 Cohort 2021 Startups:
- Yodawy: A digital pharmacy marketplace that serves all the stakeholders of the healthcare ecosystem, including customers, insurance companies, pharmacies, doctors, and pharmaceutical/FMCG companies. Egypt | HealthTech
- Seegnal: A smart and intuitive clinical decision support platform that empowers clinicians to manage and resolve patient-specific Drug Related Problems (DRPs) quickly & effectively. Israel | AI & Software
- PayMob Smart Payments: Allows any commerce solution vendor to offer financial services. UK | FinTech
- IT Flakes: An all-in-one coaching management tool to help lifestyle and wellbeing experts manage and build their business while maintaining their clients better. Bahrain | HealthTech
- HelpWear: A medical device company that makes a wearable heart monitor. Canada | HealthTech
- Predictiv Care: An advanced personalized Digital Twins to predict and prevent diseases and adverse drug reactions by analyzing 20,000 genes for 22,000 diseases and 750 drug reactions. UAE | HealthTech
- BitGrit: A decentralized and tokenized AI platform that helps companies crowdsource custom AI models through competitions, recruit top data science talent, and license community-developed AI on our marketplace. Japan | AI
- Verofax: Delivers automation and validation solutions for industries from manufacturing to retail and Banking. UAE | Software
- PaySky: A digital payments ecosystem enabler, building the payments infrastructure to power the new digital economy across Africa & the Middle East. Egypt | FinTech
- Senniors: A digital health ecosystem focused on the care of the elderly and dependent people. They offer the elderly a comprehensive, progressive, and dynamic home care solution. Spain | HealthTech
- SPL Solution: A novel & first effective cloud migration platform that enables enterprises to modernize legacy applications and realize the true benefits of the cloud. UAE | Software
- UVL Robotics: Helping and supporting logistics companies in their challenges by providing robotics and autonomous solutions. UAE | AI
- Pocket Clinic: Provides a smart injector and complimentary treatment for more than 50 million insulin-dependent diabetes worldwide with different income levels who can`t access/afford the new device. Hong Kong | HealthTech
- Wainsk: Brings vision to hospitals making them safer, smarter, and more efficient. It uses location technology and intelligence coupled with deep patient flow knowledge to simply make things work naturally. UAE | HealthTech
Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.
Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors. Through Hub71’s entrepreneurial infrastructure, value-add programs, enabling services and support packages, founders can build and scale widely adopted technologies with purpose and impact. Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation’s continuous economic development.
For more information visit www.hub71.com
Hub71: Arvin Rivera, TechHubEdelman@Edelman.com ; +971 50 662 0301
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.