Officials during the launch of Hub71’s Tech Barza.
Hub71, Abu Dhabi’s global tech ecosystem, has launched a new platform dedicated to increasing capital investment in technology companies, including startups from the region’s leading family offices. Tech ‘Barza’ – meaning majlis – is an exclusive capital club that targets regional family offices for exclusive access to Hub71’s vibrant community of almost 200 startups to accelerate deal flow.
Startup funding in 2021 reached unprecedented levels in the Mena region, at $2.6 billion, a 138 per cent increase compared to 2020. Globally, there is a steady rise of family offices investing in startup ventures.
In 2021, 5 per cent of all worldwide venture transactions included family offices — more than double a decade ago. Tech Barza will facilitate access for technology companies and startups to connect with strategic investors that have sizeable portfolios with companies that could accelerate product-market fit and the ability to go-to-market.
The inaugural gathering of Tech Barza included leading family offices at Hub71, based in the international financial centre Abu Dhabi Global Market (ADGM), including Ali & Sons, Al Nowais Investments, Yas Investments, Al Tayer Group, Crescent Group, Faith Capital, The Kanoo Group, Al Fahim Group, Saif Bin Darwish and more. The family offices invited to join the exclusive capital club will benefit from access to a suite of offerings including pitch days, joining investor networks, invitations to events and business forums led by Hub71’s strategic partner Mubadala Investment Company, in addition to setup support within ADGM, and access to Hub71’s programs and VC partners.
Badr Al-Olama, Acting Chief Executive Officer of Hub71, said: “The private sector has a key role in shaping the next 50 years of our nation, and family offices are, without a doubt, the heartbeat of the economy. With the launch of Tech Barza, we will not just support the economic growth of the region, but we will also bring diversity and inclusivity to family offices, removing the misconception of crowding out, and reinforcing the mission of knowledge sharing.”
Since Hub71’s launch in 2019, the global tech ecosystem has led Dhs3.2 billion in funding for its startup community. Through its capital community of more than 20 VC and venture debt funds, startups at Hub71 are securing investment to grow sustainable ventures with impact from the UAE’s capital. Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.
Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors.
Through Hub71’s entrepreneurial infrastructure, value-add programs, enabling services and support packages, founders can build and scale widely adopted technologies with purpose and impact.
Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation’s continuous economic development.
Earlier the Hub71, Abu Dhabi’s global tech ecosystem, has launched an expansive partnership with GetFundedAfrica, a tech-enabled marketplace that matches startups, investors (VCs & Angels), corporations and government to support the growth of tech startups.
Announced during Gitex Global 2022 in Dubai, the new cross-border programme aims to provide a soft-landing for Hub71 startups seeking to expand into Africa, and for startups in the continent seeking to enter the UAE and the Middle East region from Abu Dhabi.
From receiving local company setup assistance to licensing and bank account opening, startups will gain support from both Hub71 and GetFundedAfrica with introductions to potential customers and investors through their respective networks of corporate partners and investment funds.
The partnership also aims to enhance Hub71’s ability to identify and attract Africa’s most promising startups while offering founders in its vibrant community referrals to GetFundedAfrica as a dedicated entry point to the African marketplace.
Additionally, UAE startups will be able to utilise the Ogun Technology Hub as a soft-landing entry point into sub-Saharan Africa. Deepening the talent pool, both Hub71 and GetFundedAfrica will also provide startups with access to local universities to unlock young and highly skilled talent in their respective markets.