Abu Dhabi-based global tech ecosystem Hub71 has joined forces with venture capital firm Investible to boost the growth of tech start-ups and early-stage companies in the Emirates’ capital.
Founded in 2014 and with offices in Sydney and Singapore, Investible’s portfolio includes more than 130 early-stage companies across 10 countries and 20 sectors.
Founders at Hub71 will benefit from access to its early-stage funds, valued at nearly Australian $180 million ($120 million) funds under management. They will also gain access to Club Investible, a global network of high-net-worth investors.
“Our partnership with Investible is yet another way of deepening the capital pool for disruptive and impact-driven tech start-ups in Abu Dhabi,” said Badr Al-Olama, acting chief executive of Hub71.
“With more investors channelling funds to early-stage companies, our founders at Hub71 can expand into new markets and attract more investors from Australia and the Asia-Pacific region."
Hub71, backed by the Abu Dhabi government and sovereign wealth fund Mubadala Investment Company, has more than 200 start-ups that raised more than $1 billion in funding from 30 VCs and generated close to $800 million in revenue since its launch in 2019.
The highest amount raised by a start-up after joining Hub71 stands at $1.9 million, while the average funding is $463,000.
The latest agreement was signed by Mr Al-Olama and Trevor Folsom, co-founder and chairman of Investible, in Melbourne, alongside a delegation from the Australia UAE Business Council.
Investible is also a signatory of the net-zero asset managers' initiative, a commitment by international asset managers representing more than $43 trillion to support the goal of net-zero greenhouse gas emissions by 2050 or sooner.
“The scale of the climate crisis presents as much urgency as it does opportunity, and this partnership represents a step towards ensuring the best solutions can accelerate globally, no matter where they are born,” said Rod Bristow, chief executive of Investible.
“We look forward to supporting Asia Pacific founders entering this growing market, and welcoming opportunities for more than 200 companies in Hub71’s ecosystem to bring their innovative solutions to Australia, South-east Asia and beyond."
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
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Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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