Hub71has joined forces with New York-born Modus Capital, a venture capital and venture builder firm to launch Ventures Lab. The venture builder will enable early-stage founders from around the world to develop successful and scalable startups from Abu Dhabi. Ventures Lab at Hub71 is the first venture builder programme in the UAE launched by Modus.
Ventures Lab will help founders test and validate ideas and concepts, build Minimum Viable Products (MVPs) and take products to market. The nine-month programme will accept a minimum of 16 founders each year following a selection process conducted by Hub71, Modus and other industry experts. Modus’ experienced team of entrepreneurs and operators will partner with participating founders to provide tailored hand-in-hand venture building support, business strategy, fundraising preparedness and product growth management aligned to their business objectives throughout the entire lifecycle of the startup.
Each graduating venture will benefit from up to $450,000 worth of funding and in-kind resources from the Modus Venture Builder throughout the duration of the programme, based at Hub71. Upon graduation from Ventures Lab, founders will gain access to Hub71’s Incentive Programme and its vibrant community where they will continue to receive operational support, supplementary teams and the incentives, programmes and global networks to broaden their market reach. Graduating founders will also gain access to the $80 million Modus MENA Venture Fund (MMVFI) domiciled at Abu Dhabi Global Market, in addition to Hub71’s growing capital community of 17 VC funds with assets under management of more than $1.72 billion.
Founders at the early stages of developing a concept or prototype, specialised in any sector, can apply to Ventures Lab. FinTech, Direct-to-Consumer, HealthTech, and EdTech startups will gain preference, as part of Hub71’s commitment to supporting national priority sectors in line with Abu Dhabi Vision 2030. Hub71 will also prioritise female entrepreneurs and UAE nationals to help foster the next generation of diverse homegrown founders.
