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Hub71 partners with ADIO to grant AED 10m support to startups

Hub71 partners with ADIO to grant AED 10m support to startups
The partnership comes in line with Hub71’s new programme, 'The Outliers'

UAE - Mubasher: Hub71 has partnered with the Abu Dhabi Investment Office (ADIO) to grant early-stage tech startups a AED 10 million ($2.7 million) support.

The partnership comes in line with Hub71’s new programme, 'The Outliers', which aims to enable startups from around the world to cooperate with leading companies and government agencies in Abu Dhabi to solve their operational challenges, according to a press release on Wednesday.

Hub71’s partnership with ADIO, under its Innovation Programme, strengthens Abu Dhabi's commitment to offering a competitive environment for startups to have access to capital, commercial activities, and incentives from both the public and private sectors

Hence, Hub71 and ADIO hosted a demo day for existing Hub71 startups to select cash grants, offered by ADIO, to boost their growth.

A total of startups were selected to receive grants worth over AED 10 million ($2.7 million).

The startups will have access to up to AED 100,000 ($27,000) funding for proof of concepts (POCs), alongside partnership contracts and the opportunity to join Hub71's community and benefit from its incentives and programmes.

The Interim CEO of Hub71 and Head of Ventures and Growth at Mubadala Investment Company, Ibrahim Ajami, said: "The Outliers paves the way for startups with proven products to work alongside our corporate and government partners to help them integrate innovation into their business models."

Meanwhile, the Director-General of ADIO, Tariq bin Hendi, commented: "The government plays a critical role in creating an environment where businesses are supported to succeed, and at ADIO, we are investing maximum resources and efforts to ensure innovative startups can successfully scale up from Abu Dhabi."