Eighty-one per cent of the startups in the latest cohort are headquartered outside the UAE
Abu Dhabi-based tech ecosystem, Hub71, has announced the induction of 25 innovative startups from 11 countries into its 14th cohort.
The diverse group of startups, ranging from sectors including fintech to climate tech, will join Hub71’s Access programme and its specialised ecosystems: Hub71+ Digital Assets and Hub71+ ClimateTech.
The startups in Cohort 14 – which have received a total funding of over Dhs122m – have demonstrated significant growth potential and innovation prowess.
The ecosystem received over 1,200 applications, with more than 65 per cent originating from international markets for the latest cohort.
The cohort represents countries, including the UAE, Egypt, Saudi Arabia, the US, the UK, Canada, Singapore, Sweden, New Zealand, Spain, and South Korea.
Notably, 81 per cent of the startups are headquartered outside the UAE, highlighting Abu Dhabi’s allure as a launchpad for international startups.
Ahmad Ali Alwan, CEO of Hub71, emphasised the importance of empowering tech companies in a rapidly evolving market, stating, “Hub71’s revamped programmes and specialist ecosystems provide startups with the resources they need to succeed in a market embracing transformation and visionary founders.”
Cohort 14 additions to Hub71 specialist ecosystems
Five startups will join the ClimateTech ecosystem, focusing on technologies to drive decarbonisation and support a net-zero future.
Among the noteworthy startups is Canadian-headquartered, Basetwo, which has raised $6m. The startup offers an AI co-pilot platform designed for engineers, offering tactical recommendations to optimise production yield to reduce cycle time and costs.
Swedish startup Graphmatech, which also joined the ecosystem, has raised $10m. The firm uses advanced graphene technology to create solutions for the hydrogen economy.
The Digital Assets ecosystem witnessed substantial growth with the addition of nine startups, totalling 17 in the ecosystem.
Startups to watch in this space include Bit2Me, a crypto brokerage in Europe, which has raised Dhs15m and Immersve, an end-to-end solution for Web3 wallets, which has raised $9m.
Startups joining the ecosystem’s programmes stand to benefit from up to Dhs250,000 worth of in-kind incentives and Dhs250,000 in cash for equity. Additionally, high-performing startups may receive a top-up of up to Dhs250,000 after one year.
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