• Applications increased 70 per cent from startups in the UAE and worldwide compared to the previous cohort
HUB71 CONTINUES GROWTH WITH THE SELECTION OF 15 STARTUPS TO JOIN ABU DHABI’S TECH ECOSYSTEM AND SCALE GLOBALLY
Abu Dhabi, UAE - June 22, 2023: Hub71, Abu Dhabi's global tech ecosystem, has welcomed its first cohort of the year comprised of 15 startups operating in priority sectors aligned with Abu Dhabi’s strategic ambitions, including HealthTech, FinTech, and EdTech. The addition of the latest cohort has increased the size of Hub71’s vibrant community to over 240 startups.
In the latest cohort, 67 per cent of the selected startups are headquartered outside the UAE, reinforcing the increasing global status of Abu Dhabi as a robust innovation hub where tech entrepreneurs can access capital, a growing community, and a business-friendly environment. The 15 startups originate from the UAE, USA, New Zealand, Egypt, the Netherlands, and the UK.
Among the startups joining Hub71 are two HealthTech startups making a significant impact in healthcare, Exsurgo, and Ovasave. Exsurgo raised $10.5 million (AED 38.6 million) and delivers non-pharmaceutical treatments for neurological conditions using neuroscience and data analytics. Meanwhile, Ovasave leverages innovative solutions to provide women with seamless access to fertility and egg-freezing services through a vetted network. The cohort also includes FinTech startups such as Subsbase, backed by notable investors including Global Ventures and Plug and Play, who are simplifying recurring payments for businesses and Inovat, which offers a digital VAT refund solution, enabling travelers to save over 20% on shopping without paperwork or airport queues.
Hub71 received a substantial 70 per cent increase in applications to join the startup community compared to the previous cohort, including a significant increase in high-quality early-stage startups choosing Abu Dhabi as a long-term base to expand. As Hub71 supports the growth and development of tech startups at all stages, founders benefit from generous incentives, programs, and access to investors, corporations, government entities and academic institutions as part of its ecosystem in Abu Dhabi.
Ahmad Ali Alwan, Deputy CEO of Hub71, said: "Each startup has undergone a rigorous selection process, having been selected based on their unique capabilities and potential to grow as a global tech company out of Abu Dhabi. Our first cohort of 2023 is comprised of companies that have showcased a competitive edge in building differentiated tech platforms and products. By attracting and scaling startups with solutions that make a difference in people’s lives, we aim to make an impact on Abu Dhabi’s economy and society and continue bolstering its position as a leading global innovation hub.”
- Cypherleak is a cost-effective risk monitoring solution that allows companies to gain visibility on their leaked data and provides attack surface management, vulnerability scanning, and risk scoring solutions.
- Elmawkaa is a marketplace for building materials. An automated process provides contractors and engineers access to competitive and accurate quotations for their materials from vetted suppliers in a few minutes.
- Exsurgo uses neuroscience and data analytics to develop treatments for neurological conditions without using pharmaceutical drugs.
- Fuze is a full-stack digital assets infrastructure platform, enabling MENA businesses to integrate embedded experiences for their customers in a regulatory and compliant way.
- Inovat is a digital VAT refund solution that allows travelers to save more than 20% in tax refunds on shopping without the need to complete any paperwork or stand in airport queues.
- LivLyt is democratizing access to the latest tech devices through subscriptions, which provides a more affordable, flexible, and convenient solution than alternative options.
- Mashvisor is a platform that combines all services needed for real estate investing, cutting three months’ worth of research down to only 15 minutes.
- MediJobs is a platform that enables highly skilled healthcare professionals to connect with an exclusive network of top-tier practices hiring in their area.
- Ovasave is a tech platform that leverages innovative solutions to provide women access to seamless, integrated, digitally enabled fertility and egg-freezing services across a vetted network.
- Rabbit Mart is a grocery service with tech-enabled, hyper-local fulfillment centers. It gives users peace of mind, knowing that what they order will never be out-of-stock, and guarantees deliveries in under 20 minutes.
- SubsBase is a subscription management platform that empowers businesses with recurring payments to manage customers’ lifecycles seamlessly and efficiently.
- Synapse Analytics is a data science, machine learning, and artificial intelligence company that offers services and products to help organizations better use and monetize their data.
- The Editing is a compact gene editing system that uses endogenous proteins to cure life-threatening genetic disorders.
- Qureos is a platform that makes mentorship, portfolio building, and matching jobs simple for graduates transitioning to the workplace.
- Zest Equity is a platform for all venture investors that democratizes access to venture transactions across emerging markets.