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Abu Dhabi-based business incubator Hub71 has announced the 16 tech startups chosen for its Incentive Program, an initiative designed to alleviate the cost of setting up and growing a tech company.
In addition to UAE-grown startups, the selected list also includes tech startups from USA, UK, Italy, as well as Hub71’s first participant from Luxembourg- with their solutions targeted at a plethora of industries such as fintech, healthtech, cleantech, edtech, foodtech and logistics. The cohort, which comprises pre-seed, seed, and Series-A startups, has collectively already raised over US$67 million.
“Our value-driven programs are continuing to attract high-tech startups to Abu Dhabi that are driving transformation within key sectors of the economy,” said Badr Al-Olama, Acting CEO of Hub71. “As a partner to over 170 startups in our community, 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.”
Over the next couple of years, the 16 startups will be able to avail benefits such as equity-free incentives worth up to AED 500,000 as well as gain access to a network of investors, corporate, government, and academia partners.
Backed by Mubadala Investment Company, and with a mission to accelerate entrepreneurship and innovation in Abu Dhabi, Hub71 has already accepted over 170 startups into its ecosystem and enabled the creation of over 1,000 jobs since its launch in 2019. Notably, in the first half of 2022, Hub71 startups raised $436 million from global investors and generated nearly $700 million in revenue. With plans to enable greater access to the UAE market for overseas startup founders, Hub71 is now also working towards cross-border programs.
Here’s the full list of the 16 startups selected to be a part of Hub71’s latest cohort:
Abhi– Pakistan’s first financial wellness platform that enables salaried employees to draw down a percentage of their accrued salary before the next payroll.
Amwal– a fintech company that is building an identity-powered payment that allows individuals to authenticate and pay, send, or remit money based on their phone numbers.
archiREEF– a Hong Kong-based cleantech startup that offers climate solutions with eco-engineering approaches for ocean ecosystem restoration.
Cubex Global– an online marketplace for buying, bidding and selling space on sea freight containers in real time.
DoBrain– an AI-based application that offers an accessible and affordable digital cognitive learning program for young children.
Gigaaa– an AI-powered personal assistant that is designed to reduce complexity of growing connections with people, systems and services by process automation and autonomous decision making.
GlycanAge– a healthtech company designed to determine the state of one’s immune system and risk of chronic inflammation through multiple scientific methods.
GrubTech– a B2B software as a service (SaaS) foodtech company that provides end to end solutions for cloud kitchens and modern restaurants.
Maalexi– a US-based trade and finance digital ecosystem that facilitates both cross-border trade, as well as financing of food and agricultural products.
iHealthScreen – a platform that utilizes AI to scalably screen for retinal diseases and heart diseases.
Islamic Finance Guru– a one stop shop for all Muslims globally to get their finances and investments in order with its flagship product IFG Wealth.
Lune– a unified financial data platform that provides solutions across financial management, data enrichment and analysis, which also provides personalized customer experiences.
OnEx– a one-stop shop for medical manufactures worldwide to export and manage their businesses overseas.
Yoello– a payments platform building infrastructure that connects banks and payment networks to merchants and consumers.
Perceptiviti– a deep technology company focused on fraud and risk management.
Green Future Project– a firm that simplifies access to effective climate solutions and empowers individuals to have an active role in reversing climate change.