Abu Dhabi's Hub71 strikes a deal with Bpifrance for investments in tech startups
Will identify UAE and French startups that will be given access to funds and mentoring
Abu Dhabi: Abu Dhabi's tech-focussed cluster, Hub71 has entered a partnership with French investment bank Bpifrance to boost investment opportunities for tech startups in both countries. The partnership will explore launching programmes that place select startups within the Abu Dhabi and French tech ecosystems.
Successful startup applicants will be provided mentorship, meetings with potential partners and opportunities to pitch to investors. Hub71 and Bpifrance have also agreed to explore co-investment opportunities in Hub71 and French startups.
In a statement, Hanan Harhara Al Yafei, CEO at Hub71, said: “Bpifrance shares our long-term commitment of promoting entrepreneurship, ensuring French startups can arrive in Abu Dhabi’s Hub71 and use our dynamic ecosystem as a springboard to a prosperous Middle East and North Africa region.”
Mubadala is an anchor-investor in the LAC I Fund, a multi-billion fund managed by Bpifrance that aims to raise 10 billion euros. “Pooling our resources together with Hub71 creates an attractive value proposition that will help Abu Dhabi-based startups and entrepreneurs thrive in France,” said Nicolas Dufourcq, CEO at Bpifrance.