Dubai: Hub71, Abu Dhabi’s tech startup cluster, is aligning with New York-based Modus Capital to launch a ‘Ventures Lab’ for early-stage entrepreneurs and their concepts. The Lab will help these entrepreneurs set up startups in Abu Dhabi.
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 gain preference. Ventures Lab will help founders test, validate concepts, and take products to market. The nine-month programme will accept a minimum of 16 founders each year following a selection process conducted by Hub71, Modus and other industry experts. Modus’ team will partner with participating founders to venture building support and product growth management aligned to their business objectives through the lifecycle of the startup.
Modus is into venture capital funding and mentoring. “Through Ventures Lab, we will enable more founders to lead viable tech companies, attract new companies and investment to Abu Dhabi while supporting the nation’s future generation of entrepreneurs to shape the nation’s future digital-based economy,” said Nader Museitif, Head of Products and Business Development at Hub71. “Modus’ international reach in New York is a clear representation of our focus on cementing partnerships that add value and more fundraising opportunities to our founders.”
Each graduating venture will benefit from up to $450,000 worth of funding and resources from the Modus Venture Builder during the programme. On graduation from Ventures Lab, founders will gain access to Hub71’s Incentive Programme, where they will continue to receive operational support to broaden their market reach.
Graduating founders will also gain access to the $80 million Modus MENA Venture Fund 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.