Hub71 selects 16 new startups and supports community with funding

Hub71, Abu Dhabi’s global tech ecosystem, announced its first cohort of 2021, selecting 16 tech startups from 11 countries and seven sectors out of 150 applicants to join its vibrant community.

The number of successful applications reflect a 11 per cent success rate that led to Hub71 selecting its first startups from India, Saudi Arabia, Turkey, Mauritius and South Africa, in addition to its first SpaceTech startup, following the pioneering Emirates Mars Mission and recent selection of the UAE’s first female astronaut.

Hub71 selected startups have collectively raised more than Dhs274 million ($75 million) in funding from globally renowned institutions including Goldman Sachs and Saudi Aramco Entrepreneurship, and world leading investors Y Combinator, Draper Associates, 500 Startups, Plug and Play and Techstars.

The cohort includes startups developing disruptive technologies such as the world’s first blockchain satellite constellation and the world’s first AI/machine learning based ideation recommendation and sourcing platform for venue equipment, services, and F&B for events.

Following Hub71’s milestone of attracting more than 100 startups in under two years, applications for the cohort were received from 34 countries primarily from founders based in the UAE (38 per cent), USA (10 per cent), and UK (7 per cent). Building on its broad range of technology sectors, Hub71 applicants were primarily from startups specialized in FinTech (24 per cent), followed by Software (21 per cent), E-Commerce (17 per cent) and Artificial Intelligence (11 per cent), all of which are high-growth and priority sectors to Abu Dhabi’s economic and digital transformation.

Ibrahim Ajami, Interim CEO of Hub71 and Head of Ventures and Growth at Mubadala Investment Company, commented, “Our first cohort of 2021 builds on our momentum and is a clear reflection of our emphasis on attracting and admitting the most promising startups from around the world to our dynamic community. As startups in our cohort have already raised $75 million in funding, it reinforces that Hub71 and Abu Dhabi have established a level of credibility that is unrivalled in the region.” Applicants for Hub71’s first cohort of 2021 stated that access to funding, customers and a community of like-minded individuals were the top three reasons for applying to join Hub71’s dynamic community.

Today, more than 15 local, regional, and international VC funds are based at Hub71 with assets under management worth more than $1.72 billion. The selection of the cohort follows the February 2021 launch of UK investment firm, Hambro Perks’ $50 million Oryx Fund based at Hub71. This is in addition to several new value-add programmes and partnerships launched by Hub71 in the first quarter of 2021 to increase market opportunities in Abu Dhabi for entrepreneurs worldwide to develop proof of concepts (POCs), commercialise minimum viable products (MVPs) and raise capital, working closely with Hub71’s strategic corporate and government partners through the annual partner challenges programme, “The Outliers”.

Each quarter, Hub71’s Selection Committee selects startups to join Abu Dhabi’s global tech ecosystem.

Earlier the Abu Dhabi tech ecosystem Hub71 has forged partnerships with UAE University’s Science and Innovation Park (UAEU SIP) and INSEAD Middle East Campus to upskill talent in Abu Dhabi and attract new science and technological capabilities to its community.

In a 2020 survey by PwC of CEOs in the Middle East, 70 per cent said the availability of key digital skills is a business threat and its GCC Hopes and Fears survey found that only 23 per cent of employees are learning new skills through their employer to better understand or use technology.

The institutions will benefit from Hub71’s network of partners and expert mentors to support students and alumni in addition to their startups receiving priority access to the Hub71 Incentive Programme.

The partnerships also include innovation workshops, joint programmes, events, hackathons and access to Hub71-based WeWork x Hub71 co-working space. Graduates can avail recruitment and internship opportunities with Hub71 startups.

“Many industries and organisations, both small and large, find it difficult to recruit digital talent who will ultimately drive Abu Dhabi’s tech transformation,” said Hanan Harhara Al Yafei, CEO of Hub71.

“With this in mind, we’re planting the seeds of the future by increasing the talent pool in Abu Dhabi for our startups while ensuring we nurture the right skills and develop the talented people needed to cement the longevity of Abu Dhabi’s global tech ecosystem.”

Hub71 is hosting a pool of mentors from diverse backgrounds to support startups. Founders will be paired with mentors from startups, corporates, VCs and other innovation streams who have relevant experience to create meaningful connections and promote knowledge exchange.

Hub71 has also partnered with Yougig to introduce an online marketplace for its startup community to access more than 1 million tech developers worldwide at exclusive rates. Through software developer companies in Europe, North America, Middle East and Asia, Hub71 startups can now secure a diverse range of remote and on-site developers and on-demand, pay-by-the-hour services to enhance their teams.

On Feb.10, Hub71 will host the third edition of the Abu Dhabi Decoded series in a new hybrid format. The session titled ‘Your Community Awaits’, will focus on the role education, academic research and community developers play in sustaining innovation and creating a tech cluster rooted in high-quality talent, as well as the benefits for entrepreneurs living, working, and scaling businesses in Abu Dhabi.

Moderated by Dan Murphy, Middle East anchor and correspondent at CNBC, the panel comprises Sara Musallam, chairman of Abu Dhabi Department of Education and Knowledge (ADEK), Hanan Harhara Al Yafei, CEO of Hub71, Ruba Yousef Al Hassan, executive director of Ghadan 21 at Abu Dhabi Executive Office, and Professor Dr. Eric Xing, president of the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI).