Dubai: Hub71, Abu Dhabi’s technology start-up group, joins Modus Capital in New York to launch an ‘Ventures Lab’ for early-stage entrepreneurs and their concepts. This laboratory will start these entrepreneurs in Abu Dhabi. Founders in the early stages of developing a concept or prototype, specializing in any sector, can apply at Ventures Lab. FinTech, Direct-to-Consumer, HealthTech and EdTech startups are preferred. Ventures Lab will help founders test concepts, validate and take products to market. The nine-month program will accept at least 16 founders each year following a selection process conducted by Hub71, Modus and other industry experts. The Modus team will work with participating founders to support product building and product growth management that align with their business objectives during the life cycle of the beginning.
Modus is engaged in venture capital financing and mentorship. “Through Ventures Lab, we will enable more founders to lead viable technology ventures, attract new ventures and investments to Abu Dhabi, while supporting the country’s future generation of entrepreneurs to shape the country’s future digital economy,” said Nader Museitif, head of products. and Business Development at Hub71. “The international reach of Modus in New York is a clear reflection of our focus on fostering partnerships that provide value to more fundraising opportunities for our founders.” Each graduate will benefit from up to $ 450,000 in funding and resources from Modus Venture Builder during the program. At the graduation ceremony at Ventures Lab, founders will have access to Hub71’s Incentive program, where they will continue to receive operational support to expand their market range. Graduates will also gain access to the $ 80 million Mode MENA Venture Fund based on Abu Dhabi Global Market, in addition to Hub71’s growing capital community of 17 VC funds with more than $ 1.72 billion of managed assets.