A new cohort of startups have been admitted to the Hub71 Incentive Program, having made the decision to set up operations at the Abu Dhabi tech ecosystem.
The group, comprising of seven startups stand to benefit from a generous package which includes subsidised living, office space and health insurance for founders and their employees.
These new startups will be joining Hub71’s community –located in Abu Dhabi Global Market (ADGM), Abu Dhabi's International Financial Centre – in the coming weeks; making a total of 18 early stage companies that have pre-qualified for admission into the program. Applications for Hub71’s Incentive Program will be opened to the public later this month targeting seed and emerging tech companies with scalable, quality technology products and ideas.
The startups operate in sectors that range from fintech, insurtech, edtech, healthtech, logistics and an augmented reality app.
Originating from different sectors and countries, the seven startups include British Fintech company, dopay; Egypt-based Furnwish; Tunisian ProvenMed International; Trukker; and three UAE-based startups: Addenda, SchoolVoice and SportyQ.
Three of the seven startups joining Hub71 are winners of the inaugural Hub71 MENA Growth Competition, where judges invited ten MENA-based startups to Abu Dhabi to pitch their way to securing a spot at the growing tech hub.
Earlier last month, Hub71 also announced its partnership with OYO to provide accommodation for Hub71 companies; and WeWork, Hub71’s workspace provider offering single desks and co-working office space starting from AED 1,470 per month, set to open in Q1 2020.
Mahmoud Adi, CEO of Hub71, commented: “We’re on track to hit our goal of bringing between 20 and 30 quality startups to Hub71 by year-end and our first 18 startups demonstrate that we’re building a tech community that ranges in size, growth stage and sector. As part of their growth strategy, the new startups joining Hub71 will create new tech jobs in Abu Dhabi.”
The Abu Dhabi tech hub looks to attract high-growth tech companies that can demonstrate a ‘disruptive approach’ or ‘developed disruptive technology’ and have secured funds of at least USD $100,000 within the first years of operation.