News

Abu Dhabi’s Hub71 To Help Climate Technology Startups

The initiative was announced at the COP28 summit and will help selected startups with a $200,000 cash injection and further incentives.

Published

8 months ago

December 5, 2023

Nour Nasir

Hub71

Hub71, Abu Dhabi’s global technology system, has launched a new initiative to support climate technology startups backed by several of the UAE’s largest public and private sector organizations.

Known as the Hub71+ ClimateTech ecosystem, the program was announced at the COP28 climate conference in Dubai, with funding commitments from 25+ local and international partners already in place.

A total of 342 startups have submitted applications so far, with the top companies being added to a shortlist that will be revealed shortly. Selected startups will receive Dh250,000 ($68,000) in incentives and an upfront cash support package of Dh250,000. In addition, the top performers of Hub71’s new initiative will also receive a top-up of up to Dh250,000 in exchange for additional equity.

Ahmad Alwan, deputy chief executive of Hub71, said: “This initiative aims to bring in different entities that have a shared mission towards climate tech […] Throughout the journey, we will support these companies, not only from being startups to becoming mature companies but also to facilitate their engagement with entities that would support them with access to capital, market, and talent”.

The Hub71+ ClimateTech ecosystem is backed by the Abu Dhabi National Energy Company and the National Central Cooling Company, who have each pledged Dh500,000 to the initiative as anchor partners.

Also Read: Wisdom Motor Brings First Zero-Emission Bus To GCC

They are joined by corporate partners, including Abu Dhabi holding company ADQ, Aldar Properties, sovereign wealth fund Mubadala, First Abu Dhabi Bank, Masdar City, and Dubai’s Emirates NBD. In addition, Siemens Energy is also onboard as an anchor partner.

So far, Hub71 has helped 260 member startups and created over 1,000 jobs, according to the organization’s website. In addition, it has collectively raised around Dh5 billion since its foundation in 2019.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.