Hub71, Abu Dhabi’s global tech 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’ – meaning majlis – is a capital club that targets regional family offices for exclusive access to Hub71’s vibrant community of almost 200 startups to accelerate deal flow.
Startup funding in 2021 reached unprecedented levels in the MENA region, at $2.6 billion, a 138 per cent increase compared to 2020. Globally, there is a steady rise of family offices investing in startup ventures. In 2021, 5 per cent of all worldwide venture transactions included family offices — more than double a decade ago. Tech Barza will facilitate access for technology companies and startups to connect with strategic investors that have sizeable portfolios with companies that could accelerate product-market fit and the ability to go-to-market.
The inaugural gathering of Tech Barza included leading family offices at Hub71, based 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. The family offices invited to join the capital club will benefit from access to a suite of offerings including pitch days, joining investor networks, invitations to events and business forums led by Hub71’s strategic partner Mubadala Investment Company, in addition to setup support within ADGM, and access to Hub71’s programmes and VC partners.
Badr Al-Olama, Acting Chief Executive Officer of Hub71, said: “We’re closing the funding gap for early-stage startups and elevating the presence of family offices in Abu Dhabi’s tech ecosystem. Tech Barza will create opportunities for family offices and angel networks to capture the growth of tech companies and startups and help diversify group portfolios. In addition, we are increasing the potential for family offices to benefit from lucrative exits, and co-investment opportunities with our VC partners. Tech Barza is a platform that will build the foundations of long-lasting relationships between family offices and our growing ecosystem that will help transform pre-seed to Series-A strategic investment in the region.”
Since Hub71’s launch in 2019, the global tech ecosystem has led AED 3.2 billion in funding for its startup community. Through its capital community of more than 20 VC and venture debt funds, startups at Hub71 are securing investment to grow sustainable ventures with impact from the UAE’s capital.