Thu 27-08-2020 10:41 AM
ABU DHABI, 27th August, 2020 (WAM) -- Hub71, a tech ecosystem powered by Mubadala Investment Company, has announced a partnership with Silicon Valley-based TechWadi, a non-profit organisation building meaningful connections and partnerships for entrepreneurs and investors across Silicon Valley and the MENA region.
"This unique partnership further supports Abu Dhabi’s strategy of becoming a global tech ecosystem that encourages Hub71 startups to flourish", said Hub71 in a statement on Thursday.
The Hub71 x TechWadi programme will allow for cross-border knowledge sharing, investment deal flow, and market-access for both ecosystems. US startups and Venture Capitals will gain priority access to Hub71’s ecosystem and incentive programme. Hub71 startups, in turn, will benefit by gaining direct access to US-based VCs within the TechWadi network, which includes the likes of Google Venture, 500Startups, Silicon Valley Bank as well as TechWadi network mentors from companies like Apple, Facebook, Google, Palantir, Salesforce, and others.
Commenting on the partnership, Nader Museitif, Head of Partnerships and Business Development of Hub71, said, "Our partnership with TechWadi creates value for both our international communities of founders as well as any US startups looking for growth opportunities in the Middle East. Companies on both sides will gain support, access to capital and market opportunities to scale their businesses abroad. In our pursuit of staying ahead of the curve, we are continually assessing and improving our offering and quest to help startups to thrive."
The programme, which launches today, will see US startups – who have chosen Abu Dhabi as their springboard for global growth – pitch for generous incentives such as free housing, health insurance and office space for up to three years, worth up to AED3 million in non-equity subsidies; as well as to gain access to market, capital, talent and a flexible regulatory framework.
Sharif El Badawi, Board Member at TechWadi and Manager Partner at 500 Startups, stated, "Given our focus on growing the entrepreneurial ecosystem in the Middle East and North Africa, and supporting the TechWadi community in Silicon Valley and beyond, we are excited by the partnership with Hub71 and the opportunity to help empower entrepreneurs through access to resources, mentorship, training and access to capital between Silicon Valley and Abu Dhabi. We look forward to the impact that can be created for the entrepreneurial ecosystem."
As part of the partnership, TechWadi will also host a TechWadi US-Investor Pitch Day for selected Hub71 startups who will vie for US-based VCs and investors. As part of Hub71’s global outreach, strategic partner Mubadala Investment Company and its Venture Capital, VC, arm has also begun linking Hub71 startups to its extensive global network of VCs and portfolio companies.
Alaa Halawa, Head of US Ventures at Mubadala Investment Company, commented, "Abu Dhabi is becoming a magnet for ambitious US-based tech startups looking for growth opportunities within a progressive, future-led and flexible regulatory environment that enables our portfolio companies to expand their target markets earlier in their journey than what they originally were able to do."