Hub71 Welcomes Seven New Startups from Six Sectors

 

1 August 2019, Abu Dhabi, United Arab Emirates: Hub71 has announced today that seven new startups will bring a significant part of their operations and presence to the Abu-Dhabi based tech hub. The seven startups are specialized in fintech, health tech, travel tech, AI, blockchain and social impact. Spanning across many industries, the startups include two Emirati founders who have decided to build their own businesses, Basil Al Askari of MidChains and Faisal Al Hammadi of YACOB. The international cohort also include Arab, Asian and American founders; some of which have come from Jordan and the US, to be part of the wider Abu Dhabi ecosystem.

 

The startups that will be joining Hub71 are:

In addition to the first four startups announced earlier in June, these companies will benefit from Hub71’s generous incentive packages which include subsidized housing, office space and health insurance plans for founders and their employees. The packages, which will save startups up to AED 3.5 million of non-dilutive capital, are designed to help firms invest their available capital on growing their businesses and attracting highly qualified engineers. These startups are also planning their next phase of growth, and through Hub71 they will gain access to a global network of interconnected business enablers and industry partners.

 

Mahmoud Adi, CEO of Hub71, commented: “We are proud to welcome seven new startups that are focused on building innovative products and businesses at Hub71. We are seeing more and more Emirati Nationals becoming entrepreneurs, innovating and taking risks to pursue their dreams. Basil Al Askari and Faisal Al Hammadi are great examples of Emirati founders who believed in their product and have now branched out to build tech businesses, with success. Being resilient and focused on achieving a personal goal - one which may change the lives of many people - is what we aim to have more of in Abu Dhabi.”

 

MidChains is an up and coming Abu Dhabi-based institutional digital asset exchange and custodian.

 

Basil Al Askari, Co-Founder and CEO of MidChains, said: “Having searched the world for a financial center that was fit for our growing business and regulatory requirements, and as an Emirati National, I’m immensely proud to learn that Hub71 truly offers one of the world’s most competitive tech ecosystems. Hub71’s tech community and free office space made our growth plans possible. Having immediate access to a wider ecosystem of enablers was another essential element; especially for MidChains, a fintech company, which needs to operate globally right from the start.” 

 

Deployed in over 65 schools and cafeterias, YACOB, a seed-stage startup, is also one of the first startups to receive co-investment from Ghadan Ventures, an AED 535Mn fund that seeks to support the growth of Abu Dhabi’s startup and VC ecosystem. 

 

Faisal Al Hammadi, Founder and CEO of YACOB said, “Being based at Hub71 was a strategic business decision that would allow us to have better access to funding, among other benefits. Hub71’s generous incentive package means that we’re able to grow faster, attract high-caliber talent, and can expand our operations globally. We look forward to partnering with the Department of Health, Abu Dhabi, to help tackle important issues like child diabetes and obesity using smart nutritional programs. I’m excited to deliver this mission from the Capital and look forward to working with more schools and governments throughout the region.” 

 

Hub71, strategically located in Abu Dhabi Global Market Square, aims to foster startup success, innovation and growth; and is uniquely positioned to bring together government entities, investors, corporations, academics and startups.

 

Startups from any sector will be able to apply for Hub71's Incentive Packages from Q4 of 2019.