Hub71 and Bpifrance Commit to Unlocking Investment Opportunities for Abu Dhabi’s Tech Startups in France
- New strategic partnership forged between Hub71 and French investment bank, Bpifrance, bridges the gap between the dynamic tech ecosystems of Abu Dhabi and France
- Tech startups and entrepreneurs in Abu Dhabi and France will benefit from Hub71 and Bpifrance’s shared networks that foster investment opportunities and access to global markets
- Collaboration reinforces Hub71’s commitment to bolstering Abu Dhabi’s vibrant tech hub with international expansion opportunities for its tech startup and entrepreneurial ecosystem
October 12, 2020, Abu Dhabi, United Arab Emirates: Hub71, Abu Dhabi’s global tech ecosystem powered by Mubadala Investment Company, has forged a strategic partnership with French national investment bank, Bpifrance, to strengthen joint efforts that boost innovation and provide mutually beneficial opportunities for tech startups, companies and entrepreneurs in Abu Dhabi and France underpinning the two organizations’ commitment to supporting entrepreneurship.
The agreement will foster close collaboration between Hub71 and Bpifrance that will bridge the gap between the dynamic tech ecosystems of Abu Dhabi and Paris. The global tech ecosystem and French investment bank have agreed to explore launching programs that immerse select startups in the Abu Dhabi and French tech ecosystems, offering the successful startup applicants with access to mentorship, meetings with potential partners and opportunities to pitch investors.
Each program aims to develop new and innovative technology products and services designed for the UAE and French markets. Hub71 and Bpifrance have also agreed to explore co-investment opportunities in Hub71 and French startups.
Hanan Harhara Al Yafei, CEO at Hub71, added: “Cementing our strategic partnership with such an esteemed institution like Bpifrance casts the net wider for Hub71 startups to successfully enter the French market.
“Bpifrance shares our long-term commitment of promoting entrepreneurship, ensuring French startups can arrive in Abu Dhabi’s Hub71 and use our dynamic ecosystem as a springboard to a prosperous Middle East and North Africa region.
Khaled Al Shamlan, Head of Sovereign Investment Partnerships – Mubadala Capital, Mubadala Investment Company, said: “We fully support Hub71’s new agreement with Bpifrance as it builds on our strategic relationship with the investment bank to raise funding opportunities for lucrative French tech businesses that can deliver significant returns on investment.
“As a global investor, we are proud to have a long and successful record of supporting French businesses, and our goal remains to provide investment opportunities for the latest crop of innovate French companies in the MENA markets.”
Nicolas Dufourcq, CEO at Bpifrance, commented: “France is a hotbed for tech innovation with a deep talent pool, world-class universities and research institutions, and with 10,000 startups in various sectors, the French startup scene is thriving.
“Pooling our resources together with Hub71 creates an attractive value proposition that will help Abu Dhabi-based startups and entrepreneurs thrive in France.”
“We see incredible potential in bridging the France and Abu Dhabi tech ecosystems to foster investor relationships and potential partnerships for French entrepreneurs who can benefit from our collaborative community through Hub71’s Incentive Program.”
The MoU builds on a 10-year Bilateral Roadmap between the United Arab Emirates and France which in addition to Mubadala Investment Company’s, strategic partner of Hub71 and one of the world’s leading sovereign wealth funds, is, anchor investor in the LAC I Fund, a multibillion fund managed by Bpifrance which aims to raise €10 billion.
Bpifrance aims to contribute to economic development and promote growth for companies of all sizes, through innovation, financing products for corporate development and consulting. The bank also supports non-French companies by matching them with potential investors and partners, helping them build strategic tech partnerships and helping global startups enter France.
Hub71 will participate on a panel titled, ‘Abu Dhabi : The Tech Gateway to the Middle East?’, alongside Abu Dhabi Global Market and Mubadala Ventures Europe at Bpifrance’s 6th edition of the Inno Generation 2020, highlighting the characteristics that make Abu Dhabi an ideal gateway to the Middle East for French startups and VCs, available to watch here on Thursday, October 1, 2020 at 6:40pm (UAE).