Hub71 accepts latest cohort of startups and signs with first unicorn as new flexible incentives launch

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. -Ends- 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 About Hub71: 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 Media contacts: Hub71: Arvin Rivera, TechHubEdelman@Edelman.com ; +971 50 662 0301 Send us your press releases to pressrelease.zawya@refinitiv.com © 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.

Hub71 accepts latest cohort of startups and signs with first unicorn as new flexible incentives launch

DISCOVER MORE

Saudi Arabian Women’s National Team continues rapid growth journey by officially entering FIFA World Ranking for first time

Dubai Duty Free rings Nasdaq Dubai’s market opening bell in support of “1 Billion meals endowment” campaign

Schneider Electric launches competition seeking disruptive ideas for greener cities

UAE participates in the second sustainable finance working group meeting within the G20 finance track for 2023

Du brings UAE residents together to spread kindness and generosity during Ramadan

Wasl releases over 3,800 modern staff accommodation units to the market

Dell Technologies strengthens security portfolio with new services and solutions

Bentley Emirates wins double at Bentley Motors’ Regional Dealer Conference 2022

ALEC named main contractor for ground-breaking Wynn Resort on Al Marjan Island, Ras Al Khaimah

The Integrated Transport Centre announces its services schedule during Ramadan 1444 Hijri

Worley commences work on Framework Bridging Agreement with ENOWA, NEOM’s Energy and Water Company

Johnson & Johnson Medtech announces plans to establish direct operations in the Kingdom

Johnson & Johnson Medtech announces plans to establish direct operations in the Kingdom

ADIO-backed Access Abu Dhabi collaborates with Halcyon

UAE's Thuraya launches new tactical satellite communication solution

Dubai is proactively developing plans to accelerate digital growth - Sheikh Hamdan

RAK Ruler issues law to establish world's first free zone dedicated to digital and virtual asset companies

Dubai is proactively developing plans to accelerate digital growth, says Sheikh Hamdan

LATEST VIDEO

VIDEO: LSE-listing will facilitate more funding opportunities for us, Dar Global CEO

ZAWYA COVERAGE

Will gold face more downside or upside after Fed's rate hike?

Kenya signs $250mln deal with UK to boost food production

PODCAST: IFC is ready to back governments privatisation plans with capital

UAE's Presight AI to debut on Abu Dhabi Securities Exchange next week

Yellen chairs closed US Financial Stability Oversight Council meeting

US to implement asylum deal with Canada on Saturday, final rule says

Fed's Bullard: "Swift" US response to bank stress keeps rate focus on inflation

France's Macron says he will not yield to violence after demonstrations against pensions reform

Euro zone banks resilient, ECB can provide liquidity if needed -Lagarde

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era