-
The program is expected to enable early-stage founders from around the world to develop successful and scalable startups from Abu Dhabi
-
FinTech, Direct-to-Consumer, HealthTech, and EdTech startups will reportedly gain preference
Abu Dhabi’s global tech ecosystem Hub71 and New York-based venture-capital and venture-builder firm Modus Capital have launched a Ventures Lab program, said local reports on Tuesday, June 15.
The program is expected to enable early-stage founders from around the world to develop successful and scalable startups from Abu Dhabi, said the reports.
Ventures Lab at Hub71, reportedly the first venture-builder program in the UAE launched by Modus, is expected to help founders test and validate ideas and concepts, build Minimum Viable Products (MVPs) and take products to market.
The nine-month program will apparently accept a minimum of 16 founders each year following a selection process conducted by Hub71, Modus and other industry experts.
Each graduating venture will benefit from up to $450,000 worth of funding and in-kind resources from the Modus Venture Builder throughout the program, based at Hub71. Upon graduation from Ventures Lab, founders will gain access to Hub71’s Incentive Program and its community.
They will also gain access to the $80 million Modus MENA Venture Fund (MMVFI) domiciled at Abu Dhabi Global Market, in addition to Hub71’s growing capital community of 17 VC funds with assets under management of more than $1.72 billion.
Founders at the early stages of developing a concept or prototype, specialized in any sector, can apply to Ventures Lab.
FinTech, Direct-to-Consumer, HealthTech, and EdTech startups will reportedly gain preference, as part of Hub71’s commitment to supporting national priority sectors in line with Abu Dhabi Vision 2030.
Hub71 will also prioritize female entrepreneurs and UAE nationals to help foster the next generation of diverse homegrown founders.