Hub71 and Sber, Russia’s largest commercial bank, have signed an agreement to promote cross-border investment knowledge exchange between startups from the UAE and Russia.
Technology companies, startups, ventures and investors in both the UAE and Russia will benefit from the resulting increase in market access and the long-term commercial potential of innovation-led enterprises.
Russian opportunities
In the first half of 2021, investments in Russian startups tripled and exceeded a record $1 billion. Moscow-based Sber is actively extending its reach in the global technology and innovation space through the education of aspiring entrepreneurs and offering support to operating technology businesses. One of the flagship projects is Sber500, which was launched in 2018 as an international accelerator program in collaboration between Sber and 500 Global (500 Startups). The program enables startups to work with Silicon Valley mentors for a period of eight weeks.
Global tech ecosystem
As part of the agreement between Hub71 and Sber, companies participating in the Sber500 program will gain access to Abu Dhabi’s global tech ecosystem at Hub71 where they will benefit from its corporate and government partners and value-driven programs that facilitate greater opportunities to raise funds, and land commercial deals through a more efficient go-to-market outlet.
Additionally, Hub71 startups will gain access to Sber’s startup community and various programs, providing a launchpad to penetrate the Russian market.. Additionally, Sber and Hub71 will identify mutually beneficial opportunities for tech startups to collaborate with major corporate partners in Russia and the UAE.
Speaking on the agreement between Hub71 and Sber, Badr Al-Olama, Acting CEO, Hub71, said, “Our partnership with Sber reflects our shared purpose to accelerate technology-driven solutions and bridge the gap between our two high-growth markets.Hub71 founders now have a clear path to access Russia’s thriving technology and innovation market, where there is a strong talent pool and a lucrative market for robust investment in impactful tech ideas.
“Importantly, we expect Russia’s leading startups from Series A to C+ to connect directly with innovators, corporations and investment funds in Abu Dhabi. These connections will expand the commercial potential of Russian startups, increase their potential to land big ticket deals and enable founders to produce large-scale innovation in an open and flexible regulatory environment the UAE offers.”
Anatoly Popov, Deputy Chairman of the Executive Board of Sberbank, added, “Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 provides innovative companies in any sector with access to global markets, capital, and a network of partners. We will make a serious effort to develop cooperation with Hub71 in the interest of leading Russian startups.
“Essentially, we are creating a technological bridge between the two economies in the interest of the Russian Federation and the UAE. We are set to develop our operations in the Middle Eastern market further, primarily with the participation of our subsidiary Sberinvest Middle East Limited in Abu Dhabi, which has a primary mission to become a key partner in investment deals between Russia and the Middle East.”
The agreement between Hub71 and Sber comes as part of Hub71’s ongoing efforts to provide support to the UAE’s startup ecosystem.
