Hub71, Abu Dhabi's global tech ecosystem, has bolstered its ranks with the addition of 25 innovative startups from a geographically diverse pool. This latest cohort, the 14th for Hub71, brings the total number of startups under its wing to 223.
The incoming cohort boasts a strong financial foundation, having collectively secured over $122 million in funding, with an average of $5 million raised per startup. This impressive fundraising track record signifies the high growth potential of these young companies.
Hub71 offers a multi-pronged support system designed to propel these startups towards success. The new additions will gain access to the Hub71 Access program, which provides a comprehensive package of benefits including mentorship, business development opportunities, and connections to potential investors.
Furthermore, a select group of these startups will be integrated into Hub71's specialized programs – Hub71+ Digital Assets and Hub71+ ClimateTech. These programs cater to ventures operating in cutting-edge sectors like digital currencies and blockchain technology, as well as those focused on developing solutions for a sustainable future.
The international makeup of the 14th cohort underscores Hub71's growing appeal as a global hub for innovation. Applications for this cohort poured in from over 1200 aspiring entrepreneurs, with a remarkable 65% originating from outside the UAE. This robust international presence reflects the program's ability to attract and nurture promising startups from all corners of the world.
The geographical spread of the new cohort is equally impressive. Countries across the Middle East and North Africa region, including powerhouses like Saudi Arabia and Egypt, are well-represented. Beyond the region, ventures from established tech hubs like the USA, UK, and Canada have also joined the ranks. Additionally, the cohort boasts participation from countries like Singapore, Sweden, New Zealand, Spain, and South Korea, further solidifying Hub71's position as a truly international platform.
The focus on early-stage ventures is another noteworthy aspect of Hub71's strategy. A significant portion (64%) of the 14th cohort falls under the Seed and Series A funding stages. By providing support to startups at this crucial juncture in their growth trajectory, Hub71 empowers them to scale their operations and navigate the challenges often faced by young companies.
Hub71's latest cohort selection reinforces its commitment to fostering a vibrant tech ecosystem in Abu Dhabi. By nurturing a diverse range of promising startups and offering them the necessary resources to thrive, Hub71 is well-positioned to play a pivotal role in shaping the future of technological innovation.