Abu Dhabi’s Hub71, a technology hub backed by the local government and Mubadala Investment Company, has partnered with venture debt fund Stride Ventures to provide start-ups with access to capital.

The new partnership also aims to mentor young businesses in Abu Dhabi to help them scale their venture, as well as attract foreign start-ups and talent to the UAE capital, according to a statement on Thursday.

Under the partnership, Stride Ventures will be offering alternative financial solutions and support to start-ups through venture debt, which complements traditional equity funding.

“Stride Ventures will also provide comprehensive mentorship programs, offering start-ups with the guidance they need to navigate the complexities of business expansion,” the statement said.

Both Hub71 and Stride Ventures will also identify global start-ups and encourage them to set up their operations in Abu Dhabi, to help elevate the UAE capital’s status as a destination of choice for entrepreneurs and innovators.

“Our partnership with Stride Ventures is important towards growing our capital ecosystem through providing resources and access to investments that start-ups can leverage to scale globally,” said Ahmad Ali Alwan, CEO of Hub71.

Between 2019 and 2022, Hub71’s start-up community has raised $1 billion in venture capital.

(Writing by Cleofe Maceda; editing by Seban Scaria) Seban.scaria@lseg.com