ABU DHABI, (Pakistan Point News - 22nd Jun, 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 percent 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.”
