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Hub71 grows startup community to over 200 technology companies

Of the 20 startups in the cohort, nine are UAE-based companies while the remaining 11 have relocated to Abu Dhabi, reinforcing the UAE capital’s ability to attract high-quality companies that continue to build on the global diversity of Hub71’s community

Hub71, Abu Dhabi’s global tech ecosystem, has grown its community to more than 200 startups following the selection of 20 companies to join its latest cohort.

Of the 20 startups in the cohort, nine are UAE-based companies while the remaining 11 have relocated to Abu Dhabi, reinforcing the UAE capital’s ability to attract high-quality companies that continue to build on the global diversity of Hub71’s community.

Supporting Abu Dhabi’s economic transformation, Hub71 selected startups operating in strategic sectors of the economy. Sectors include CleanTech, where Hub71 selected 44.01, a carbon reduction company eliminating CO2 by transferring it into rock. AgTech companies were also selected with the addition of Finland’s iFarm, which creates innovative agriculture technologies to facilitate automated vertical farming.

Fintech, where Abu Dhabi is rapidly embracing the convergence of finance and technology, was also a focus. Dutch fintech startup, Thndr, has already raised over Dh80 million ($22 million), offering a digital investment platform that is regulated by the Egyptian Financial Regulatory Authority.

Badr Al Olama, acting CEO of Hub71, said Hub71 has now reached a key milestone of building a community of over 200 tech startups in Abu Dhabi.

"This success is a testament that Abu Dhabi is becoming a destination for high-quality startups that showcase great potential and impact. The startups in our latest cohort have reinforced themselves with half a billion dirhams of funding. We look forward to their evolution towards global prowess on the world stage," he said.

— muzaffarrizvi@khaleejtimes.com