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Thursday, June 1, 2023

Hub71, which invests to support tech start-ups

Investable Signature Event 27.02.23

Hub71 has partnered with Asia Pacific-based venture capital firm Investible to support the growth of Abu Dhabi tech startups and early-stage companies.

Founders belonging to Hub71 will have access to Investible’s “early-stage funds”, with a co-managed fund valued at around $180 million.

Startups in the tech ecosystem will also gain access to Club Investible, a global network of over 130 high-net-worth investors who provide capital and expertise for additional growth support.

Invest in the UAE market

Investible will enter the UAE capital into Hub71’s startup community, where it will contribute to mentorship programs and events, providing additional value to founders scaling early-stage startups.

In addition, climate technology startups will also be able to explore funding opportunities through Investible’s Climate Technology Fund and the Global Climate Technology Strategy.

They will also benefit from Investible’s team of investment, climate and sustainability experts deploying sustainability-driven technologies that reduce emissions and promote climate adaptation.

Badr Al-Olama, acting CEO of Hub71, said: “Our partnership with Investible is another way to deepen the capital pool for Abu Dhabi’s disruptive and impact-driven tech startups.

“As more investors invest in early-stage companies, we, the founders of Hub71, can open up new markets and attract more investors from Australia and the Asia-Pacific region.”

Rod Bristow, CEO of Investible, said: “The intersection of business and technology knows no borders. We are delighted to be partnering with one of the most ambitious and active organizations in the MENA region to advance early-stage tech The industry moves forward.

“The scale of the climate crisis presents both opportunity and urgency, and this partnership represents a step towards ensuring that the best solutions can be accelerated globally, no matter where they originate.

“We look forward to supporting founders in the Asia Pacific region to enter this growing market and welcome the opportunity for the 200+ companies in the Hub71 ecosystem to bring their innovative solutions to Australia, Southeast Asia and beyond.”

The MoU was brokered by Maysaffron, a member firm of the Australia-UAE Business Council, a consultancy firm established in the UAE in 2015.

In recent news, Hub71 launched Hub71+ Digital Assets, a dedicated ecosystem of Web3 experts. It has over $2 billion in funding to fund Web3 startups and blockchain technology.

Hub71+ is a professional ecosystem dedicated to advancing a specific technology field. Its first product is the launch of “Hub71+ Digital Assets” – which will be based in the Abu Dhabi Global Market (ADGM).

read: Abu Dhabi launches ‘Hub71+ Digital Assets’ to accelerate Web3 startups

Through this ecosystem, seed-to-unicorn-stage startups can scale globally, gaining access to programs, initiatives, and corporate, government, and investment partners.

First Abu Dhabi Bank (FAB) and its research and innovation center Fabric joined as the main partner of Hub71+ Digital Assets.

FAB will identify Web3 startups, entrepreneurs and breakthrough technologies to help banks reimagine financial services in the Metaverse.

Among other developments, Masdar City and Hub71 will provide opportunities for sustainable-focused cleantech and climatetech start-ups.

The development follows the signing of a memorandum of understanding during Abu Dhabi Sustainability Week, whereby entities will identify opportunities to collaborate in areas such as mobility, food, health and climate action.

The MoU also names Hub71 as the Free Zone’s official startup ecosystem partner.

Also read: Abu Dhabi’s Hub71 named Masdar City’s official startup ecosystem partner

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