Abu Dhabi, United Arab Emirates: Hub71, Abu Dhabi’s global technology ecosystem, has launched a new platform dedicated to increasing capital investment in technology companies, including startups from the region’s leading family offices. Tech ‘Barza’ – aka Majlis – is an exclusive capital club aimed at regional family offices for exclusive access to Hub71’s vibrant community of nearly 200 startups to accelerate business.
Startup funding reached an unprecedented level in the MENA region in 2021 at $2.6 billion, up 138 percent from 2020. Globally, the number of family offices investing in startup projects has steadily increased. In 2021, 5 percent of all global business deals will involve family offices—more than double a decade ago. Tech Barza makes it easier for tech companies and startups to connect with strategic investors with large portfolios in companies that can accelerate product-to-market and ability to go to market.
Tech Barza’s inaugural meeting included leading family offices at Hub71, located in the international financial center Abu Dhabi Global Market (ADGM), including Ali & Sons, Al Nowais Investments, Yas Investments, Al Tayer Group, Crescent Group, Faith Capital, The Kanoo Group, Al Fahim Group, Saif bin Darwish and more. Family offices invited to join the exclusive capital club will have access to a range of offers such as pitch days, joining investor networks, invitations to events and business forums led by Hub71’s strategic partner, Mubadala Investment Company, in addition to ADGM’s start-up support. and access to Hub71’s programs and VC partners.
Acting CEO of Hub71 CEO Badr Al-Olama said: “The private sector will play a key role in shaping our nation’s next 50 years, and family offices are undoubtedly the heart of the economy. With the launch of Tech Barza, we are not only supporting the economic growth of the region, but also bringing diversity and inclusion to family offices, dispelling the misconception of marginalization and strengthening the mission of knowledge sharing.
Since the launch of Hub71 in 2019, the global tech ecosystem has led to 3.2 billion dirhams in funding for its startup community. Hub71’s startups secure over 20 venture capital and private equity funds through the capital community to grow investment-sustainable businesses with the leverage of UAE capital.