Abu Dhabi’s global tech ecosystem, Hub71 revealed its first cohort of 2021, which includes 16 tech startups from 11 countries and seven sectors out of 150 applicants to join its community.
The number of successful applications reflects an 11 percent success rate that led to Hub71 selecting its first startups from India, Saudi Arabia, Turkey, Mauritius and South Africa, in addition to its first SpaceTech startup, following the pioneering Emirates Mars Mission and recent selection of the UAE’s first female astronaut.
The cohort includes startups developing disruptive technologies like the world’s first blockchain satellite constellation and artificial intelligence (AI)/machine learning-based ideation recommendation and sourcing platform for venue equipment, services, and food and beverage for events.
Hub71 selected startups that have collectively raised over $75 million in funding from renowned institutions including Goldman Sachs and Saudi Aramco Entrepreneurship, and world-leading investors Y Combinator, Draper Associates, 500 Startups, Plug and Play and Techstars.
The applications for the cohort were received from 34 countries mainly from founders based in the UAE, USA, and the UK, and the startups were primarily specialized in fintech (24 percent), followed by software (21 percent), eCommerce (17 percent) and AI (11 percent), all of which are high-growth and priority sectors to Abu Dhabi’s economic and digital transformation.
“Our first cohort of 2021 builds on our momentum and is a clear reflection of our emphasis on attracting and admitting the most promising startups from around the world to our dynamic community. As startups in our cohort have already raised $75 million in funding, it reinforces that Hub71 and Abu Dhabi have established a level of credibility that is unrivaled in the region. As our community evolves, we are preparing to launch our new generation of incentives that give founders more flexibility and choice to ensure we can meet their needs at any stage.”
Applicants for Hub71’s first cohort of 2021 stated that access to funding, customers and a community of like-minded individuals were the top three reasons for preferring to join a dynamic community.