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Abu Dhabi launches $2B fund to Boost the growth of Web 3.0 Startups

Abu Dhabi launches $2B fund to Boost the growth of Web 3.0 Startups

Hub71, the technology ecosystem of Abu Dhabi, has recently launched a new project named “Hub71+ Digital Assets,” which is set to receive capital backing of over US$2 billion. The aim of this initiative is to promote and support the development of Web3-based innovations, including blockchain technology and metaverse applications. With a focus on providing resources to Web3 startups, the project seeks to offer access to a range of programs, initiatives, and partnerships with corporate, government, and investment entities, both locally and globally.

What does this $2B fund mean for Web 3.0 startups? 

The share of VC funding for Web 3.0 startups has significantly declined in the Q4 of 2022. In 2023, the Hub71+ Digital Assets initiative will undoubtedly boost the morale of web 3.0 startups. The capital funds of $2 B and access to diverse programs & partnerships will catalyse the growth of web 3.0 startups. 

What is Hub 71? 

Hub71 is a tech startup hub located in Abu Dhabi, United Arab Emirates. It was established in 2019 as part of the Abu Dhabi government’s efforts to promote innovation and entrepreneurship in the region. The name “Hub71” comes from the location of the hub on the coast of Abu Dhabi’s main island, where the longitude is 71 degrees.

Hub71 offers a wide range of programs and services to support startups, including funding opportunities, mentorship, and access to a network of investors, industry experts, and corporate partners. The hub also provides state-of-the-art facilities and workspaces for startups, including co-working spaces, meeting rooms, and event spaces.

In addition to supporting local startups, Hub71 also aims to attract international startups to the region by offering various incentives such as free office space, subsidized housing, and a fast-track visa process. The hub focuses on several key sectors, including fintech, health tech, edtech, and transportation.

Overall, Hub71 aims to create a vibrant ecosystem for startups in Abu Dhabi and the wider region, with a focus on fostering innovation and supporting the growth of the next generation of entrepreneurs.

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