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Tue 25 Jun 2019 04:16 PM

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First four start-ups to set up ops in Abu Dhabi's Hub71

BitOasis, Lamsa, Surkus and Bayzat are expected to start operations in technology hub in coming weeks

First four start-ups to set up ops in Abu Dhabi's Hub71

Abu Dhabi's Hub71 has named the first four start-ups which plan to set up operations in the technology hub.

The start-ups include UAE-based BitOasis, the largest digital asset exchange platform in the Middle East, Lamsa, an Arabic language learning app, US-based Surkus, the world’s most powerful experiential marketing tech platform, and Bayzat, an insurance and HR tech startup.

They will all start operations at Hub71 over the coming weeks, a statement said.

These firms will make up the first cohort of start-ups at Hub71 to qualify for early admission and are to benefit from generous incentive packages which includes heavily subsidized housing, office space and health insurance plans for the founders and their employees.

The packages, which will save start-ups up to AED3.5 million of non-dilutive capital, are designed to help firms invest their available capital on growing their businesses and attracting high-quality engineers.

All four start-ups are planning their next phase of growth, and through Hub71 they will gain access to a global network of interconnected business enablers and industry partners, the statement added.

Hub71, located in Abu Dhabi Global Market Square on Al Maryah Island, is powered by Mubadala, Microsoft, Abu Dhabi Global Market with the backing of the Ghadan 21 program, which is working to accelerate the Abu Dhabi economy.

The tech hub aims to foster startup success, innovation and growth and is uniquely positioned to bring together government entities, corporations, academics and startups.

Mahmoud Adi, CEO of Hub71, said: “We are thrilled to have four ground-breaking start-ups, Lamsa, Surkus, BitOasis and Bayzat, as part of Hub71’s community of founders. Abu Dhabi is fast becoming known as a launchpad for growth where tech innovators can turn bright ideas into reality through its great infrastructure, support and access to a wider global ecosystem.

"We hope to inspire more pioneering startups to Abu Dhabi over the coming months with breakthrough technologies that disrupt industries and sectors.”

BitOasis, launched in 2015 by Jordanian founder Ola Doudin, plans to enter new markets like Saudi Arabia and launch new digital asset products as it scales its presence in Hub71.

Established in 2013, Lamsa is the first-of-its-kind educational entertainment app for children in the Arab world and has garnered more than 16 million downloads.

US-based Surkus, considered to be the most powerful experiential marketing technology platform in the world, has aggressive growth plans for Asia, Africa and the Middle East.

Bayzat is a UAE-based tech startup that offers a cloud-based platform which automates insurance and HR administration, payroll and benefits at no cost to SMEs.

Formal applications for Hub71 residency will open in September.

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