The seven startups are specialised in fintech, health tech, travel tech, Artificial Intelligence, blockchain and social impact.
Hub71 on Thursday announced that seven new startups will bring a significant part of their operations and presence to the Abu Dhabi based tech hub. The seven startups are specialised in fintech, health tech, travel tech, Artificial Intelligence, blockchain, and social impact.
Spanning across many industries, the startups include two Emirati founders who have decided to build their own businesses, Basil Al Askari of MidChains and Faisal Al Hammadi of YACOB. The international cohort also includes Arab, Asian, and American founders; some of which have come from Jordan and the US, to be part of the wider Abu Dhabi ecosystem.
Hub71 is a global ecosystem located in Abu Dhabi offering an interconnected network to enable innovation and growth opportunities for transformational tech companies and startups, creating an environment where entrepreneurs can thrive.
The startups that will be joining Hub71 are; YACOB — a digital health nutrition management platform that helps children and parents, schools and food vendors; improve their nutrition, health engagement, and meal production; and SafarPass — a travel tech SaaS platform with an all-in-one solution to manage business trips and expenses on-the-go.
Also ProTenders - a B2B platform for the construction industry to connect, find new deals and manage bidding activities; MidChains - a fintech company and a regulated digital asset trading platform uniquely positioned to service institutional and professional investors; and Humanitas — a US-based company that uses Artificial Intelligence to drive social enterprise and philanthropy using a mobile app, Dandi, that enables organisations and youths to engage and collaborate on community issues.
The startup also includes Ammbrtech - a US-based blockchain and telecoms infrastructure company that designs and develops decentralised hardware and software products; and Arabot — an Arabic and English language Artificial Intelligence chatbot platform that understands and analyses conversation and dialogue, for business applications.
In addition to the first four startups announced earlier in June, these companies will benefit from Hub71’s generous incentive packages, which includes subsidised housing, office space, and health insurance plans; for founders and their employees.
The packages, which will save startups up to Dhs3.5 million of non-dilutive capital, are designed to help firms invest their available capital on growing their businesses and attracting highly qualified engineers. These startups are also planning their next phase of growth, and through Hub71 they will gain access to a global network of interconnected business enablers and industry partners.
Mahmoud Adi, CEO of Hub71, commented, “We are proud to welcome seven new startups that are focused on building innovative products and businesses at Hub71.
We are seeing more and more Emirati nationals becoming entrepreneurs, innovating and taking risks to pursue their dreams. Basil Al Askari and Faisal Al Hammadi are great examples of Emirati founders who believed in their product and have now branched out to build tech businesses, with success. Being resilient and focused on achieving a personal goal - one which may change the lives of many people - is what we aim to have more of in Abu Dhabi.”
Startups from any sector will be able to apply for Hub71’s Incentive Packages from Q4 of 2019.
Earlier Hub71 and Techstars announced the launch of the Techstars Hub71 Accelerator Programme in Abu Dhabi, where 10 start-ups will undergo an intensive 13-week programme that will conclude with an investor Demo Day and the opportunity to receive funding to grow their businesses. The programme serves as an opportunity for start-ups to accelerate their business model and expose their ideas to well-connected global investors. Ahmad Alwan, Head of Strategy and Corporate Development at Hub71, said, “Following the announcement earlier this year about our partnership with world-renowned Techstars, applications kick off today and we will shortlist the 10 best start-ups.
We are positive that this programme will attract global founders with exceptional ideas and talent to the capital. Not only will start-ups benefit from high-calibre mentorship and exposure to global investors, founders will also have the opportunity to join a network of very successful and respected Techstars alumni.”
Vijay Tirathrai, Techstars Hub71 Accelerator Managing Director, said, “The Techstars Hub71 Accelerator is a mentorship-driven accelerator programme that will offer hands-on mentorship and funding to every start-up that is successful in its application. Through this 13-week programme, we will provide invaluable training for start-ups at the seed stage. Everything from pitch preparation workshops and product development exercises to assistance in business development and funding, we have got it covered.