Abu Dhabi’s global tech ecosystem Hub71 and US-based Modus will expand Ventures Lab, the venture-building program, by increasing the next intake to 28 founding teams, which is almost a 65 percent increase from last year.
Abu Dhabi’s global tech ecosystem and Modus launched Ventures Lab one year ago to support early-stage founders from around the world to develop successful and scalable startups from Abu Dhabi.
According to the statement, “To date, Hub71 and Modus have raised $10 million (AED40 million) for founding teams to co-build startups and access capital through Ventures Lab.”
The nine-month program enables founders to work with Modus to co-build ideas into operational companies while testing and validating product-market fit and developing Minimum Viable Products (MVPs) that are market-ready.
Startups on-boarded to the program will also benefit from Hub71’s vibrant community of entrepreneurs, funds, corporate as well as government partners.
Mr. Peter Abou Hachem, Head of Strategy & Product at Hub71, said that, “Ventures Lab is truly gaining traction in the Abu Dhabi market that is ripe with opportunity for game-changing concepts and disruptive business models. Partnering with Modus is benefiting founders with the right level of support needed to co-build their MVPs, improve their product-market fit and launch their businesses, which is why we’re expanding the program to put more startups in the best position to succeed long-term.”
Ventures Lab has attracted almost 1,700 applications from entrepreneurs seeking to build startups through the venture builder, with over 60 percent of those accepted into the program being Emirati Nationals or female founders.
“Hub71 has built an incredible and supportive tech ecosystem that has been integral to taking our venture-built companies to the next level. Ventures Lab provides a critical support system and safety net to founders with its operations-heavy approach, providing substantial value to all onboarded companies and founders. We look forward to working alongside Hub71 and our founders to build even bigger, better, and game-changing startups in the year ahead,” commented Mr. Kareem Elsirafy, Managing Partner at Modus.