Hub71 has selected its new cohort of startups to join its community in the UAE capital. The tech ecosystem is diversifying its sources of attracting high quality startups at all stages with solutions that can generate real impact through its programs and partnerships.
The cohort gathers startups at various stages of growth that have collectively raised $34 million in funding and have committed to relocate 82 entrepreneurs to Abu Dhabi. A total of 14 new startups will join Hub71’s Incentive Program which features an expanded range of incentives that provide more choice and flexibility for founders to benefit from dedicated resources to support the growth of their ventures.
Hub71’s signed with first unicorn (a startup valued at more than $1 billion) to join its growing community in the second quarter of 2021. CARS24, India’s biggest online retailer for used cars and the UAE’s largest used car retailer is valued at $1.84 billion and part of Hub71’s Value Creation Program, targeted at later stage startups. Healthcare X.0, Hub71’s first startup from Germany and digital oncology specialist is also part of the program.
Characterizing the second quarter cohort
Collectively, the Q2 cohort has raised $34m from VC funds, angel investors, subsidies and grants. A total of 14 startups were selected from 108 applications. Most of the successful startups specialize in HealthTech, Artificial Intelligence and Software, originating from countries including Israel, Canada, USA, Bahrain, Japan, UK, Turkey, Mauritius, South Africa, and Saudi Arabia.
The applications primarily originated from the UAE (34 per cent) followed by USA (11 per cent) and UK (6 per cent). As Hub71’s profile grows internationally, the global tech ecosystem received its first applications from Latvia, Spain, Belgium, Bulgaria, Portugal and Romania.
New flexible incentives
The second cohort of 2021 will be the first to benefit from Hub71’s new broader range of incentives that provide generous support packages to help startups thrive. The incentives are flexible and tailored to meet the specific requirements of startups at any stage. As part of Hub71’s commitment to creating value, its incentives are designed to accelerate a startup’s access to market, the ability to attract talent and raise funding, while easily settling in and scaling up in Abu Dhabi’s business-friendly environment.
The equity-free incentives go beyond subsidized housing, health insurance and office space and now include workforce support, license and visa support, upskilling, growth marketing and discounted perks to ease the process of growing a startup in Abu Dhabi.
