Abu Dhabi’s tech ecosystem Hub71 joins US-based VC and venture builder Modus Capital to launch Ventures Lab in the UAE, expanding Modus’ reach in the Mena region beyond Cairo.
Ventures Lab will offer seed funding and market testing to global early-stage founders with the aim to build scalable tech businesses in Abu Dhabi. It will help them build Minimum Viable Products (MVPs) and take products to market.
The nine-month venture builder programme will accept a minimum of 16 founders each year following a selection process conducted by Hub71, Modus and other industry experts.
With a preference for fintech, healthtech, edtech, D2C, and female and Emirati founders, Ventures Lab will provide graduating startups up to $450,000 in funding and resources and access to Hubs71’s Incentive Programme for two to three years.
Graduating founders will also gain access to the $80 million Modus MENA Venture Fund (MMVFI) domiciled at Abu Dhabi Global Market.
Hub71, Abu Dhabi’s global tech ecosystem, has joined forces with New York-born Modus Capital, a venture capital and venture builder firm to launch Ventures Lab. The venture builder will enable early-stage founders from around the world to develop successful and scalable startups from Abu Dhabi. Ventures Lab at Hub71 is the first venture builder programme in the UAE launched by Modus.
Ventures Lab will help founders test and validate ideas and concepts, build Minimum Viable Products (MVPs) and take products to market. The nine-month programme will accept a minimum of 16 founders each year following a selection process conducted by Hub71, Modus and other industry experts. Modus’ experienced team of entrepreneurs and operators will partner with participating founders to provide tailored hand-in-hand venture building support, business strategy, fundraising preparedness and product growth management aligned to their business objectives throughout the entire lifecycle of the startup.
Each graduating venture will benefit from up to $450,000 worth of funding and in-kind resources from the Modus Venture Builder throughout the duration of the programme, based at Hub71. Upon graduation from Ventures Lab, founders will gain access to Hub71’s Incentive Programme and its vibrant community where they will continue to receive operational support, supplementary teams and the incentives, programmes and global networks to broaden their market reach. Graduating founders will also gain access to the $80 million Modus MENA Venture Fund (MMVFI) domiciled at Abu Dhabi Global Market, in addition to Hub71’s growing capital community of 17 VC funds with assets under management of more than $1.72 billion.
Founders at the early stages of developing a concept or prototype, specialised in any sector, can apply to Ventures Lab. FinTech, Direct-to-Consumer, HealthTech, and EdTech startups will gain preference, as part of Hub71’s commitment to supporting national priority sectors in line with Abu Dhabi Vision 2030. Hub71 will also prioritise female entrepreneurs and UAE nationals to help foster the next generation of diverse homegrown founders.
Nader Museitif, Head of Products and Business Development at Hub71, said: “We believe that a strong and sustainable business model is just as important as the founder themselves, which is why from ideation to exit, our partnership with Modus will deliver more than access to Hub71, but also the strategic planners, coders, marketing experts and tech developers to help commercialise their products and secure capital.”
“Through Ventures Lab, we will enable more founders to lead viable tech companies, attract new companies and investment to Abu Dhabi while supporting the nation’s future generation of entrepreneurs to shape the nation’s future digital-based economy. Modus’ international reach in New York and Cairo coupled with its proven experience in venture building is a clear representation of our focus on cementing partnerships that add value and more fundraising opportunities to our founders. We look forward to working closely with Modus and delivering an enabling programme that creates impactful homegrown tech startups in the heart of Abu Dhabi.”
With offices in New York, Cairo, and now Abu Dhabi, Modus Capital is supporting the region’s entrepreneurial ecosystem development, investing in successful startup ventures in the MENA region. Modus, which was born in the USA and has since expanded to the MENA region, transferring its international know-how and applying it to the regional ecosystem, comprises three facets where each supporting entity provides unique value-added to the other – Venture Builders Venture Capital and Corporate Innovation. Modus is launching regional co-working spaces to house its venture builders and corporate innovation programmes and plans to launch an additional three venture builders across the region, beginning with The Kingdom of Saudi Arabia (KSA) later this year.
Kareem Elsirafy, Managing Partner at Modus Capital, commented: “We’re excited to be supporting and fostering entrepreneurship through our partnership with Hub71, with not just capital, but also the expertise and hands-on operational and tailored guidance that startups are in need of in the early-stages. Hub71 has built a leading global tech ecosystem and I’m proud to partner with them to add value to the ecosystem that they’ve built by creating significant opportunities for shared expertise and launching the first collaborative venture builder in the MENA region alongside them.”