Abu Dhabi’s global tech ecosystem, Hub71 has partnered with US-based venture capital firm Modus Capital to invest in early-stage start-ups and to assist them in developing new products and services.
Hub71 said in a statement that the new Ventures Lab program will support founders of early-stage start-ups from around the world to create successful and scalable solutions from Abu Dhabi.
Ventures Lab will help founders test and validate ideas and concepts, build Minimum Viable Products (MVPs) and take products to market. The nine-month program will accept a minimum of 16 founders each year following a selection process conducted by Hub71, Modus, and other industry experts.
According to the reports, each graduating venture will benefit from up to $450,000 worth of funding and in-kind resources from the Modus Venture Builder throughout the program, based at Hub71.
Founders will have access to Hub71’s Incentive Program and active community after graduating from Ventures Lab, where they will continue to get operational assistance, supplemental teams, and incentives, programs, and global networks to increase their market reach.
“Through Ventures Lab, we will enable more founders to lead viable tech companies, attract new companies, and investment to Abu Dhabi while supporting the nation’s future generation of entrepreneurs to shape the nation’s future digital-based economy. Modus’ international reach in New York and Cairo coupled with its proven experience in venture building is a clear representation of our focus on cementing partnerships that add value and more fundraising opportunities to our founders. We look forward to working closely with Modus and delivering an enabling program that creates impactful homegrown tech startups in the heart of Abu Dhabi.”
In addition to Hub71’s growing capital community of 17 VC funds with assets under management of over $1.72 billion, graduating startups will have access to the $80 million Modus Mena Venture Fund (MMVFI) domiciled at Abu Dhabi Global Market, as per the report.
“Hub71 has built a leading global tech ecosystem and I’m proud to partner with them to add value to the ecosystem that they’ve built by creating significant opportunities for shared expertise and launching the first collaborative venture builder in the Mena region alongside them,” Mr. Kareem Elsirafy, managing partner at Modus Capital.