I am delighted to announce the launch of the Techstars Hub71 Accelerator. Based in Abu Dhabi, this new program has a broad appeal and we have a particular liking for startups that are pushing the limits on the use of AI, analog / digital interface, AR / VR / mixed reality, blockchain, cybersecurity, digital media, IoT, payment technologies and robotics.
In 2018, Techstars debuted its first accelerator program in the Middle East, the Techstars Dubai. Accelerator in Partnership with Ginco. With instant success, we attracted numerous applications from over 60 countries around the world. The program saw 19 companies successfully graduated and continue to scale and raise funding. The recent class of 2019 raised an aggregate amount of US17M by Demo Day.
The startup ecosystem in United Arab Emirates has been heating with a number of deals and deal value at all time high. MAGNiTT the leading startup investment report reveals that 238 startup investment deals have taken place in the region in the first half of 2019, amounting to $US 471 million in total new investment. Among the 15 exits this year there was the mega $US 3.1 Billion acquisition of Careem by Uber, the biggest so far for a tech star-up in the region. This has had a ripple effect on the entire regional start-up ecosystem, energizing entrepreneurs and investors. There has been increased investment activities by foriegn VC’s, and local VCs like MEVP have upped their game raising larger fund sizes. The active angel scene in key markets in UAE, such as the Dubai Angel Investors, have helped to narrow the finding gaps in one of the fastest growing regions in the world. I am delighted to be part of this ecosystem helping founders connect with investors and mentors who are all out there riding the technology wave disrupting a pheltora of industry sectors.
I am thrilled to be heading the new Techstars Hub71 Accelerator located in a leading innovation center in the region. Through our partnership with Hub71, the program will leverage its affiliated entities of Mubadala Investment Company, the Abu Dhabi sovereign investment company and Abu Dhabi Investment Office (ADIO), which provides matching platform for start-ups. With extensive portfolio companies in sectors like ICT, healthcare, real estate & infrastructure, petroleum & petrochemical, renewable energy and Utilities, and metals & mining, we hope to provide startups untapped opportunities.
We are looking for exceptional founders addressing disruptive solutions from all corners of the globe. Our program is open to founders who may be enterprise-ready or not, tackling mundane or big, important problems. If you are excited about our program and are seeking our support to grow your company 10x, we encourage you to apply now. We shall close our applications on October 13th 2019. Our 2020 program shall commence on 27th January 2020 and will end on Demo Day, to be held on the 23th of April, 2020.
I look forward to meeting you and listening to your pitches.