Abu Dhabi, United Arab Emirates: Hub71, the tech ecosystem located in the heart of Abu Dhabi, announced today that a new cohort of startups have been admitted to the Hub71 Incentive Program, having made the decision to grow their companies from the Emirate and to set up operations at the expanding tech hub. The group, comprising of seven startups including UK-based dopay, stand to benefit from generous packages which include subsidized living, office space and health insurance for founders and their employees.
Identified as exceptional high-growth tech companies, these new startups will be joining Hub71’s community – strategically located in Abu Dhabi Global Market (ADGM), Abu Dhabi's International Financial Centre – in the coming weeks; making a total of 18 early stage companies that have pre-qualified for admission into the program. Applications for Hub71’s Incentive Program will be opened to the public later this month targeting seed and emerging tech companies led by dedicated founders with scalable, quality tech solution and ideas.
Originating from different sectors and countries, the seven startups include British fintech company, dopay; Egypt-based Furnwish; Tunisian ProvenMed International; Trukker; and three UAE-based startups: Addenda, SchoolVoice and SportyQ.
- dopay: A British cloud-based payroll service that allows employers to calculate salaries and make payments electronically, targeting unbanked customers whilst offering a full banking experience.
- Furnwish: An Egyptian augmented reality company that helps furniture stores and interior designers showcase their products and services.
- ProvenMed International: An innovative Tunisian medical device company specializing in urinary incontinence solutions with its flagship product ActivGoTM already in several markets.
- Trukker: On-demand real-time tracking application and automated booking system for trucks across the GCC including Jordan.
- Addenda Technologies: An UAE-born motor insurtech platform which uses blockchain technology to help insurers with the necessary checks needed to confirm authentic claims.
- SchoolVoice: An UAE-born intuitive dashboard and smart application which simplifies communications between schools and parents.
- SportyQ: An UAE-born social networking platform where users can book, organize, and pay for sports and social events with a network of gyms, personal trainers, sports venues and governing bodies.
Three of the seven startups joining Hub71 are winners of the inaugural Hub71 MENA Growth Competition, where judges invited ten outstanding MENA-based startups to Abu Dhabi to pitch their way to securing a spot at the growing tech hub. Supported by a generous incentive package, entrepreneur visas and corporate support including prizes from Department of Health, Aldar Properties and ADGM, the winners: Addenda Technologies, Furnwish and ProvenMed, highlight the momentum being generated around the Abu Dhabi tech ecosystem.
Earlier last month, Hub71 also announced its partnership with OYO to provide accommodation for Hub71 companies; and WeWork, Hub71’s workspace provider offering single desks and co-working office space starting from AED 1,470 per month, set to open in Q1 2020.
Mahmoud Adi, CEO of Hub71, commented: “We’re on track to hit our goal of bringing between 20 and 30 quality startups to Hub71 by year-end and our first 18 startups demonstrate that we’re building a tech community that ranges in size, growth stage and sector. As part of their growth strategy, the new startups joining Hub71 will create new tech jobs in Abu Dhabi. The MENA region is ripe for disruption and Abu Dhabi is leading the charge by providing access to capital and market opportunities to catalyze home-grown innovations. Over the last few months, the Emirate has increased its bandwidth to support more B2B and B2C startups from all around the world. We’re proud to play our role in welcoming these startups to Hub71 and helping them thrive.”
The Abu Dhabi tech hub looks to attract high-growth tech companies that can demonstrate a ‘disruptive approach’ or ‘developed disruptive technology’ and have secured funds of at least USD $100,000 within the first years of operation.
Hub71, named after the UAE’s formation in 1971, is a tech ecosystem located in the heart of Abu Dhabi that brings together several key elements for startup success: access to capital, access to market opportunities, and a favorable business environment. Backed by Mubadala Investment Company – its growing international tech community of tech giants, venture capitalists, tech ecosystem players, and global startups can expect to benefit from an interconnected global network. Alongside strategic partners Microsoft, SoftBank Vision Fund, and Abu Dhabi Global Market; Hub71 is creating the optimal environment for transformative tech companies looking to maximize success, produce outstanding tech innovations, and scale globally. For the greater social and economic good of Abu Dhabi, Hub71 is a flagship initiative of the Dh50 billion economic accelerator program ‘Ghadan 21’, which means ‘tomorrow’ in Arabic. For more information visit www.hub71.com and follow us on @Hub71AD #Hub71AD.
© Press Release 2019