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27 May 2024 10:34

Tech & Start Up The Latest

Hub71 Welcomes 25 Startups from 11 Countries as Part of its 14th Cohort

Startups onboarded will join Hub71’s Access program and specialist ecosystems Hub71+ Digital Assets and Hub71+ ClimateTech

Startups joining Hub71 have raised a total of over USD 122 million in funding

Selected startups represent 11 countries and operate in nine sectors, with 81% headquartered outside the UAE

Hub71, Abu Dhabi’s global tech ecosystem, has welcomed 25 new startups as part of its latest cohort. The selected startups will enter Hub71’s ‘Access’ program, and specialist ecosystems Hub71+ Digital Assets and Hub71+ ClimateTech, bringing the total number of startups currently in Hub71’s programs to 223. Hub71’s Cohort 14 has raised a total of over USD 122 million in funding, with each startup raising USD 5 million on average.

Hub71 continues to attract a diverse range of international tech startups to Abu Dhabi, receiving over 1200 applications, with more than 65% from international markets. The onboarded startups hail from countries across the region, including the UAE, Egypt, and Saudi Arabia, as well as ventures from the USA, UK, Canada, Singapore, Sweden, New Zealand, Spain and South Korea, reinforcing Abu Dhabi’s global appeal as a leading tech hub and launchpad for startup growth. In addition, 64% of the cohort are Seed and Series A, reflecting Hub71’s ability to scale high-potential startups from early stages of growth. Operating in nine sectors, including FinTech, ClimateTech, HealthTech, EdTech, and Mobility & Logistics, the startups will play a vital role in future-proofing key sectors of Abu Dhabi’s economy.

Five startups in the cohort will join Hub71+ ClimateTech, representing the first batch of startups to join the specialist ecosystem dedicated to advancing technologies that drive decarbonization and support a net-zero future. Startups in Hub71+ ClimateTech will benefit from a broad network of leading regional and global corporations, investment partners and Abu Dhabi’s progressive regulatory environment to globally scale their climate technologies. Among the startups is Canadian-headquartered, Basetwo, that has raised $6 million in funding and provides an AI co-pilot platform designed for engineers offering tactical recommendations to optimize production yield to reduce cycle time and costs, without compromising product quality. Additionally, Swedish startup Graphmatech has raised USD 10 million and employs cutting-edge graphene technology to develop solutions for the hydrogen economy and high-performance batteries.

Similarly, Hub71+ Digital Assets, the specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets, continued to witness significant growth with the onboarding of nine new startups, increasing the total number of startups in the specialist ecosystem to 17. Notable additions joining the specialist ecosystem include Bit2Me, an industry-leading crypto brokerage in Europe, which has raised USD 15 million and Immersve, an end-to-end solution for Web3 wallets, to support centralized and decentralized payment experiences which has raised $9 million.

Ahmad Ali Alwan, CEO of Hub71, said: “As Abu Dhabi continues to empower innovative tech companies, Hub71’s revamped programs and specialist ecosystems provide startups with the resources they need to succeed in a market embracing transformation and visionary founders. Cohort 14 is particularly noteworthy. The cohort’s startups’ track record of successful fundraising emphasizes the strong growth potential Hub71 programs aim to unlock. Furthermore, this cohort also includes the first startups joining the Hub71+ ClimateTech specialist ecosystem, which aims to develop solutions aimed at addressing global climate challenges and supporting the UAE’s sustainability ambitions.”

By joining Hub71’s ‘Access’ program, Hub71+ ClimateTech or Hub71+ Digital Assets, startups will benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity. High-performing startups will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity, after one year. Startups will also receive expert mentorship, tailored advice and will be able to tap into Hub71’s growing network of market and capital partners to unlock growth opportunities.

Notes to editors

The 25 startups selected to join Hub71’s 14th cohort include:

Access Program (Sector Agnostic)

BioTwin equips health professionals with clinical decision support tools for early detection, monitoring, and treatment in areas like oncology and diabetes.
Dayta is a cloud-based analytics company offering data collection and business intelligence for retail properties.
Gameball is a customer engagement platform that combines gamification, loyalty management, and omnichannel communication into one integrated workflow for CRM marketers.
Growdash democratizes digital sales and campaign performance data for restaurants enabling c-suite, marketing and operational teams to build, execute and manage growth strategies.
Jalebi is a SaaS restaurant tech platform that automates and optimizes restaurant inventory management.
Kingpin provides simplicity and scalability for brands and distributors selling inventory to retailers across emerging markets.
LiveLink is a platform for creators to earn a recurring income through teaching using automation and AI to edit content and generate videos, allowing creators to focus on monetization.
Metric enables SME owners in emerging markets to make better business decisions by simplifying and translating their financial data using internal insights, sectoral benchmarks, and AI-powered micro-advisory.
Pangea Bio discovers and develops medication to treat neurological disorders by deploying AI to discover promising molecules from natural sources.
Timber Exchange is an end-to-end supply-chain automation platform for global trade management that works towards streamlining operations in the global timber trade market.
Zypl enables financial institutions to instantly and accurately underwrite loans, both offline and digitally, to consumers with limited or no credit history through their SaaS platform

Hub71+ Digital Assets

Bit2Me is an industry-leading crypto brokerage in Europe growing Blockchain-as-a-Service for enterprises to develop and maintain blockchain applications.
BluWhale is building an infrastructure for AI to scale on blockchain data in real-time, with personalization, recommendation, and contextual search through API integration.
Breach Insurance creates regulated insurance solutions for the crypto economy for individuals and institutions.
Hundo is an AI-powered skills learning platform that prepares students for their future career in emerging tech.
Immersve is an end-to-end solution for Web3 wallets supporting centralized and decentralized payment experiences at over 70M (Mastercard) acceptance points globally.
Liminal offers secure, customizable, and efficient wallet infrastructure and custody solutions for digital asset management tailored to the needs of Web3 businesses.
Superfine is an end-to-end campaign setup tool that uses AI to optimize user acquisition and overall performance for marketers worldwide.
WeaveDB is a database that operates as a smart contract on the blockchain offering a decentralized database layer that combines the scalability and speed of traditional databases with the core principles of Web3.
XBTO bridges the gap between digital assets and traditional finance, delivering an institutional-grade digital assets investment platform.

Hub71+ ClimateTech

Aqua Development is an aquaculture tech company, developing systems for growing shrimp to improve performance and productivity with the objective of sustainability and supporting food security.
BaseTwo provides plant engineers with real-time recommendations to reduce energy consumption and emissions.
Giga Energy mitigates flare gas and provides energy infrastructure to aid in the energy transition.
Graphmatech employs cutting-edge graphene technology to develop solutions for the hydrogen economy and high-performance batteries.
HyveGeo is an end-to-end solution to limit desertification, mitigate climate change, and secure food supplies, using microalgae for biochar and biofertilizer to turn the desert into arable land.

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