Abu Dhabi’s renowned global tech ecosystem, Hub71, has welcomed its first cohort of the year, consisting of 15 startups operating in key sectors aligned with Abu Dhabi’s strategic goals, including HealthTech, FinTech, and EdTech. With the addition of these new startups, Hub71’s dynamic community now comprises over 240 innovative ventures.
Notably, 67 per cent of the selected startups in this cohort are based outside the UAE, solidifying Abu Dhabi’s growing reputation as a thriving innovation hub, offering tech entrepreneurs access to capital, a supportive community, and a business-friendly environment. The 15 startups hail from diverse locations such as the UAE, USA, New Zealand, Egypt, the Netherlands, and the UK.
Among the impressive startups joining Hub71 are two health tech companies making waves in the healthcare industry: Exsurgo and Ovasave. Exsurgo, which secured $10.5 million (AED 38.6 million) in funding, utilizes neuroscience and data analytics to provide non-pharmaceutical treatments for neurological conditions. On the other hand, Ovasave leverages innovative solutions to offer women seamless access to fertility and egg-freezing services through a vetted network. The cohort also includes FinTech startups like Subsbase, backed by notable investors such as Global Ventures and Plug and Play, simplifying recurring payments for businesses, and Inovat, which offers a digital VAT refund solution, allowing travellers to save over 20 per cent on shopping without the hassle of paperwork or airport queues.
Hub71 experienced an impressive 70 per cent increase in applications for its startup community compared to the previous cohort, attracting a higher number of early-stage startups of exceptional quality, indicating Abu Dhabi’s appeal as a long-term base for expansion. With its comprehensive support for startups at all stages of growth, Hub71 offers founders generous incentives, programs, and connections to investors, corporations, government entities, and academic institutions as part of its thriving ecosystem in Abu Dhabi.
Ahmad Ali Alwan, Deputy CEO of Hub71, expressed, “Each startup has undergone a rigorous selection process, chosen for their unique capabilities and potential to become global tech leaders based in Abu Dhabi. Our first cohort of 2023 consists of companies that have demonstrated a competitive edge in building distinctive tech platforms and products. By attracting and scaling startups with solutions that have a positive impact on people’s lives, we aim to contribute to Abu Dhabi’s economy and society, further strengthening its position as a leading global innovation hub.”
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