Abu Dhabi’s Hub71 picks 16 tech startups with collective funding of Dh274m

Dubai: Abu Dhabi’s Hub71 on Wednesday said it selected 16 tech startups from seven sectors to join the startup hub.

The number of successful applications reflect an 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, the company said in a statement.

Hub71 selected startups that have collectively raised more than Dh274 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.

“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,” said Ibrahim Ajami, Interim CEO of Hub71 and Head of Ventures and Growth at Mubadala Investment Company.

Applications for the cohort were received from 34 countries primarily from founders based in the UAE (38%), US (10%), and UK (7%). Building on its broad range of technology sectors, Hub71 applicants were primarily from startups specialized in FinTech (24%), followed by software (21%), e-commerce (17%) and artificial intelligence (11%).

“We are also working on offering startups better opportunities to access the market and raise funding through stronger relations with our corporate partners and funds,” said Ajami.