Hub71 launches a new capital club to encourage more family offices to participate in Abu Dhabi’s international financial centre Abu Dhabi Global Market (ADGM).
The ecosystem’s new Tech Barza platform seeks to connect family office capital with its tech community of almost 200 startups.
Membership of the exclusive capital club includes access to pitch days, investor networks and events led by Mubadala Investment Company; Hub71’s strategic partner.
This is in addition to ADGM set-up support and access to the ecosystem’s programmes and venture capital (VC) partners.
Target investors will have ‘sizeable portfolios with companies that could accelerate product-market fit and the ability to go-to-market’; said the official statement.
Five per cent of all worldwide venture transactions included family offices and private wealth management advisory firms last year, more than double the figures a decade ago.
2021 saw startup funding reach unprecedented levels in the Middle East and North Africa (MENA) region at $2.88billion; a 138 per cent year-on-year increase.
Since its launch in 2019, Hub71 has led $871million (AED 3.2billion) in funding for its startup community through its capital community of around 20 VC and venture debt funds.
Its latest platform aims for greater family office participation within ADGM to unlock even more investment opportunities among high-growth tech companies.
“The private sector has a key role in shaping the next 50 years of our nation, and family offices are, without a doubt, the heartbeat of the economy,” confirms Badr Al-Olama, Hub71’s acting CEO.
He explains how the platform’s launch “will not just support the economic growth of the region…but will bring diversity and inclusivity to family offices.”
Al-Olama hopes the platform will eliminate “the misconception of crowding out, reinforcing the mission of knowledge sharing.”
The inaugural gathering of Tech Barza included various family offices from the region, including Ali & Sons, Al Nowais Investments and Yas Investments; among others.