Hub71 has confirmed the names of the 16 startups participating in its Incentive Programme this year.
After an evaluation process involving Hub71, its ecosystem partners and VC funds, 16 startups were selected to join the Hub71 community; which currently counts around 170 members.
For the next two years, the new cohort will participate in the tech ecosystem’s Incentive Programme, which provides access to equity-free incentives, worth up to AED$500,000, enabling programmes and active investors alongside corporate, government and academia partners.
The selected startups hail from nine countries including the USA, Italy, and the UK, and specialise in sectors ranging from fintech, healthtech and cleantech to edtech, foodtech and logistics.
In addition to homegrown startups from the UAE, the cohort also includes Hub71’s first tech company from Luxembourg.
The cohort includes Green Future Project, a platform for individuals and businesses to support leading climate projects globally and to track and trace environmental impact, Amwal, a platform that enables people to pay, send or remit money based on their phone number and Abhi, a fintech platform that allows salaried employees to draw upon their wage when needed.
Since its inception three years ago, Hub71 has consolidated a network of partners, investors and organisations to accelerate entrepreneurship and innovation in Abu Dhabi.
In Hub71’s pursuit of sourcing high-quality startups, the cohort comprising pre-seed, seed and Series-A startups have already raised more than $67million collectively.
In explaining how its programmes have driven digital transformation with the retention of high-tech startups, Badr Al-Olama, acting CEO of Hub71, comments that “we always strive to connect founders to our global network of blue-chip corporations, government bodies and investors.
“With our ability to unlock real growth opportunities for founders, we expect this new cohort to gain tremendous traction over the next few months within the vibrant tech ecosystem that Abu Dhabi has to offer.”
Backed by Mubadala Investment Company, Hub71 has managed to cultivate 80 per cent of its startup network through its programmes.
In the first half of this year along, Hub71’s startup community accumulated $436million from investors while generating close to $700million in revenues since its founding.
Economically, the programme has led to the creation of approximately 1000 jobs.
In addition to this, the ecosystem has now confirmed that it is in the process of developing its cross-border programmes, which will be intended to allow startups to operate and scale in other markets while deepening market access to the UAE for founders based overseas.