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Abu Dhabi-based tech ecosystem Hub71 has joined forces with US venture capital and venture capital firm Modus Capital to launch Ventures Lab in the UAE, expanding Modus’ presence beyond Cairo in the Middle East and North Africa region.
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The Venture Lab will provide seed funding and market testing to early-stage founders around the world, aiming to build scalable technology businesses in Abu Dhabi. It will help them build a minimum viable product (MVP) and bring the product to market.
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The nine-month venture capital program will accept at least 16 founders annually following a selection process conducted by Hub71, Modus and other industry experts.
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Prioritizing fintech, healthtech, edtech, D2C and female and Emirati founders, the Ventures Lab will provide up to $450,000 in funding and resources to graduating startups over two to three years Enjoy Hubs71’s incentive program.
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The graduating founders will also receive investment rights from the $80 million Modus MENA Venture Fund (MMVFI) based in Abu Dhabi Global Market.
Press release:
Hub71, Abu Dhabi’s global technology ecosystem, has joined forces with Modus Capital, a New York-based venture capital and venture capital firm, to launch Ventures Lab. The venture capital firm will enable early-stage founders from around the world to develop successful and scalable new startups in Abu Dhabi. Hub71’s Venture Capital Lab is the first venture capital project launched by Modus in the UAE.
The Venture Lab will help founders test and validate ideas and concepts, build a minimum viable product (MVP) and bring the product to market. The nine-month program will accept at least 16 founders each year, following a selection process by Hub71, Modus and other industry experts. Modus’ team of experienced entrepreneurs and operators will work with participating founders to provide customized entrepreneurial support, business strategy, fundraising preparation and products based on their business goals throughout the startup’s life cycle Growth management.
Throughout the program, each graduating business will benefit from up to $450,000 in capital and physical resources from Hub71-based Modus Venture Builder. After graduating from Ventures Lab, founders will be able to participate in Hub71’s incentive program and its vibrant community, where they will continue to receive operational support, complementary teams, and incentives, programs, and global networks to expand their market reach. Graduating founders will also have access to the $80 million Modus MENA Venture Capital Fund (MMVFI) based in Abu Dhabi Global Market, as well as Hub71’s growing portfolio of 17 venture capital funds with over $1.72 billion in assets under management. capital community.
Founders specializing in any field who are in the early stages of developing a concept or prototype can apply to the Venture Lab. As part of Hub71’s commitment to supporting national priority industries in line with Abu Dhabi Vision 2030, fintech, direct-to-consumer, healthtech and edtech startups will receive priority. Hub71 will also prioritize female entrepreneurs and UAE nationals to help develop the next generation of diverse local founders.
Nader Museitif, Head of Product and Business Development at Hub71 said: “We believe that a strong and sustainable business model is as important as the founders themselves, which is why our partnership with Modus will not only provide access to Hub71 from conception to exit, but also strategic planners, coders, Marketing experts and technology developers help commercialize their products and secure funding.”
“Through the Venture Lab, we will empower more founders to lead viable technology companies, attracting new companies and investments to Abu Dhabi, while supporting the country’s next generation of entrepreneurs in shaping the country’s future digital economy. Modus in New York and Cairo’s international reach, coupled with its proven experience in venture capital, clearly demonstrates our commitment to solidifying our partnership and adding value and additional fundraising opportunities for our founders. We look forward to working closely with Modus to deliver A support program to create impactful homegrown technology startups in the heart of Abu Dhabi.”
With offices in New York, Cairo and Abu Dhabi, Modus Capital supports the growth of the region’s entrepreneurial ecosystem and invests in successful startups across the MENA region. Born in the United States and later expanding to the MENA region, Modus transfers its international expertise and applies it to the regional ecosystem. It is composed of three aspects, each supporting entity provides a unique added value to the other – Venture Builders Venture capital and corporate innovation. Modus is launching regional coworking spaces to house its venture capital and corporate innovation projects, with plans to launch three more venture capital firms in the region, starting with the Kingdom of Saudi Arabia (KSA) later this year.
Kareem Elsirafy, Managing Partner at Modus Capital, commented: “We are delighted to be supporting and nurturing entrepreneurship through our partnership with Hub71, providing not only funding but also the expertise, hands-on experience and customized mentoring new ventures need in their early stages. Hub71 has built a leading ’s global technology ecosystem, I am proud to be working with them to add value to the ecosystem they have built by creating significant opportunities for shared expertise and launching with them the first co-venture investor in the MENA region. “
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