Hub71 accepts its second cohort of 2022 as Abu Dhabi tech community expands

Hub71 accepts its second cohort of 2022 as Abu Dhabi tech community expands 

Second cohort of 2022 includes 16 tech startups that have collectively raised more than $67 million in funding.

Hub71, Abu Dhabi’s global tech ecosystem, has selected its latest cohort of tech startups from a large number of applicants worldwide that chose to set up and scale from the UAE’s capital. For the next two years, the new cohort will participate in Hub71’s Incentive Program, benefiting from equity-free incentives worth up to AED 500,000 and access to enabling programs and a vibrant ecosystem of active investors, corporate, government, and academia partners.

The selected startups hail from nine countries including the USA, Italy, and the UK, and are specialized in sectors ranging from FinTech, HealthTech and CleanTech to EdTech, FoodTech and Logistics, building on the global diversity of Hub71’s community. In addition to homegrown startups from the UAE, the cohort also includes Hub71’s first tech company from Luxembourg. The diverse mix of startups includes Green Future Project, a platform for individuals and businesses to support leading climate projects globally and to track and trace environmental impact. The cohort also includes Amwal, a platform that enables people to pay, send or remit money based on their phone number, and Abhi, a FinTech platform that allows salaried employees to draw upon their wages when needed. 

Since its launch in 2019, Hub71 has brought together a global network of strategic partners, investors and organizations with a shared mission to accelerate entrepreneurship and innovation in Abu Dhabi. After a thorough evaluation process involving Hub71, its ecosystem partners, and VC funds, 16 startups were selected to join Hub71’s growing community of more than 170 startups. In Hub71’s pursuit of sourcing high-quality startups, the cohort comprising pre-seed, seed and Series-A startups have already raised more than $67 million collectively.

Badr Al-Olama, Acting CEO of Hub71, said: “Our value-driven programs are continuing to attract high-tech startups to Abu Dhabi that are driving transformation within key sectors of the economy. As a partner to over 170 startups in our community, we always strive to connect founders to our global network of blue-chip corporations, government bodies and investors. With our ability to unlock real growth opportunities for founders, we expect this new cohort to gain tremendous traction over the next few months within the vibrant tech ecosystem that Abu Dhabi has to offer.”

Backed by Mubadala Investment Company, Hub71 has attracted 80 per cent of its startups through its programs that deliver market access, talent, and potential fundraising opportunities. In the first half of 2022, Hub71 startups raised US$436 million from renowned investors globally and generated almost US$700 million revenues since the global tech ecosystem launched. Hub71’s economic impact is also being felt with the creation of approximately 1000 jobs. Longer term, the global tech ecosystem is developing its cross-border programs for startups to operate and scale in other markets, while deepening market access to the UAE for founders based overseas. Centres of Excellence and diversifying its investor base are also key priorities moving forward.

Q2 2022 Cohort Startups

  1. Abhi: Abhi is Pakistan’s first financial wellness platform. An early wage access platform that enables salaried employees to draw down a percentage of their accrued salary before the next payroll. 

  2. Amwal: Amwal is a Fintech company that is building an identity-powered payment that allows individuals to authenticate and pay, send, or remit money based on their phone numbers. Amwal is on a mission to provide a 3x more secure and x12 faster method to securely pay across the EMEA region.

  3. archiREEF: archiREEF is a Hong Kong based CleanTech that offers climate solutions with eco-engineering approaches for ocean ecosystem restoration. They combine expertise in marine biology and the latest technologies in 3D printing to create artificial habitats that are best suited for threatened marine life.

  4. Cubex Global: Cubex Global is an online marketplace for buying, bidding and selling space on sea freight containers in real time.

  5. DoBrain: DoBrain is an AI-based application that offers an accessible and affordable digital cognitive learning programme for young children. 

  6. Gigaaa: Gigaaa is an AI personal assistant, and is designed to reduce complexity of growing connections with people, systems and services by process automation and autonomous decision making

  7. GlycanAge: GlycanAge is a HealthTech company designed to determine the state of one’s immune system and risk of chronic inflammation through multiple scientific methods.

  8. GrubTech: GrubTech is a B2B SaaS FoodTech company that provides end to end solutions for cloud kitchens and modern restaurants. It successfully powers 70% of the market share for cloud kitchens in the region and several international restaurants across 17 countries.

  9. Maalexi: Maalexi is a US-based trade and finance digital eco-system that facilitates both cross-border trade as well as financing of food and agricultural products. On Maalexi, importers can buy food and agricultural products wholesale directly from small and medium-sized suppliers, and exporters can get access to export finance for trades with credible buyers.

  10. iHealthScreen: iHealthScreen utilizes AI to scalably screen for retinal diseases and heart diseases. Their early-stage intervention and diagnosis can save countless lives and massive amounts on downtime spending. 

  11. Islamic Finance Guru: Islamic Finance Guru is a one stop shop for all Muslims globally to get their finances and investments in order. Their flagship product, IFG Wealth, helps achieve all this seamlessly.

  12. Lune: Lune’s unified financial data platform provides solutions across financial management, data enrichment and analysis - all the while providing the customer with a personalized experience that empowers them along their financial journey.

  13. OnEx: OnEx is a one stop shop for medical manufactures worldwide to export and manage their businesses overseas. Today, OnEx is the only portal that is designed to help manufacturers assign distributors worldwide.

  14. Yoello: Yoello is a payments platform building infrastructure that connects banks and payment networks to merchants and consumers.

  15. Perceptiviti: Perceptiviti is a deep technology company focused on fraud and risk management. They help the largest insurers digitize and automate claims, stop leakages and fight fraud using Artificial Intelligence & Machine Learning, Natural Language Processing and Computer Vision.

  16. Green Future Project: Green Future Project simplify access to effective climate solutions and empower individuals to have an active role in reversing climate change. The platform allows user to track, trace and visualize their impact in real-time.

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