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The Get in the Ring competition, organised by Flat6Labs Abu Dhabi and held at Abu Dhabi Global Market (ADGM), attracted more than 100 initial applications.
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The team from NOW Money, which won in the heavyweight category. The company uses mobile banking technology to offer accounts and remittance services to low-income migrant workers in the GCC.
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DinoDrops, winner in the Lightweight category: The company runs an online platform for personalised greetings cards, party invitations and wedding stationery.
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A contestant pitches his idea to the Get In The Ring judging panel. Get in the Ring uses a format where two startups face off over five 30-second rounds, during which they talk about their teams, achievements and business model.
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The panel of judges that helped select the winners included Amjad Ahmad, managing partner at Precinct Partners; Issa Aghabi, venture capital investment officer at the IFC; Wai Lum Kwok, executive director (capital markets) at Abu Dhabi Global Market; and Victor Kiriakos, managing director, Flat6Labs Abu Dhabi.
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Attendees enjoy a lighter moment. Startups competed in a ‘weight class’ based on their valuation. ‘Lightweight’ covered companies valued in the $0-500K bracket, ‘Middleweight’ covered companies valued between $500K and $2.5 million and ‘Heavyweight’ covered companies valued at more than $2.5 million.