Abu Dhabi’s Hub71, High potential startups have collectively raised over AED 231mn (US$ 62.9mn) in funding
Hub71, Abu Dhabi’s global tech ecosystem, has accepted 16 startups to join its growing community as part of accelerating the Emirate’s position as a leading innovation hub.
By launching operations in Abu Dhabi, the new startup cohort, which has already raised more than AED 231mn (US$ 62.9mn) in funding, will have the opportunity to develop advanced technologies and gain access to the market, investment, and talent Hub71 provides.
Hub71 is Abu Dhabi’s largest community of startups, building a vibrant ecosystem of investors, corporations, government, and academia partners to provide tech startups with the essential elements to grow and succeed in the UAE and abroad.
Among the cohort is Pakistan’s first digital bank, TAG; UAE-based Trade Capital Partners, a platform that boosts access to working capital for startups and small to medium-sized enterprises in emerging markets; and Zywa, the first neobank for teenagers in the Middle East and North Africa region.
Also accepted in the cohort is UAE-founded Letswork, an app that allows members to book workspaces and work remotely from hotels, cafes, co-working spaces and other unique venues, as well as Ostaz which offers a private tutoring platform for students to accelerate academic progress.
“We believe in nurturing talent, and the entrepreneurs from this cohort seem eager and ready to unleash their potential,” commented Badr Al-Olama, Acting CEO, Hub71.
Since its inception, Hub71’s startups have raised AED 1.5bn (US$408.4mn) of investment and landed deals worth AED 36mn (US$ 9.8mn) through the tech ecosystem’s corporate partners, while also generating approximately AED 1.2bn (US$ 326.7mn) in revenue.
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