Mubadala Investment Company, Abu Dhabi’s largest wealth fund and one of the world’s biggest investors, has opened its doors to tech startups. Hub 71, a tech ecosystem founded by Mubadala Investment Company, Microsoft and SoftBank Vision Fund, working in close collaboration with Abu Dhabi Global Market, is aimed at accelerating the Emirate’s goal of becoming the nucleus of a vibrant tech startup ecosystem.
The founding partners have committed to an AED535 million fund to invest in tech startups.
The fund will be administered by Abu Dhabi Investment Office and, starting from April 28, 2019, it will be co-investing with venture capitalists in Hub71-based tech startups through a government matching scheme, as well as in first-time fund managers to support their establishment and growth in the Emirate. Hub71 will also be offering fully subsidized housing, office space and health insurance for seed-stage tech companies, while more established tech ventures will be offered 50% subsidy packages.
With this initiative, Abu Dhabi brings together three key pillars that are essential for the success of its tech ecosystem– capital providers, business enablers and strategic partners. The founding partners explain that the tech hub has been established to address the financial and regulatory roadblocks facing startups all around the world and is finalizing talks with global investor firms to deploy funding to exceptional startups.