Animoca Brands opens office in UAE and appoints Managing Director

Animoca Brands opens office in UAE and appoints Managing Director

Animoca Brands today announced its official expansion into the Middle East, with a presence in Dubai, United Arab Emirates, to meet the growing demands of Web3 organizations moving into the region. The company has also appointed Omar Elassar as managing director for the Middle East and head of global strategic partnerships.

As per the press release, the Dubai office will serve as a hub to engage with both local and international partners to foster innovation, guide strategic direction and operations and develop partnerships.

Oman Elassar will oversee the Middle East growth and operations. As a Web3 veteran Oman has eight years of Web3 native technology experience having held various executive roles with Polkadot, Ripple and others. He has also worked across corporate and technology strategy, as well as financial advisory at firms including Oliver Wyman, Deloitte, and Morgan Stanley. He holds an MBA from INSEAD, and an Honours degree in Computer Engineering from the University of Waterloo in Canada.

Commenting on the appointment, Evan Auyang, group president of Animoca Brands, said, “Omar’s deep expertise in Web3 makes him an exceptional addition to Animoca Brands. His leadership will be a key driver in driving Animoca Brands’ strategic growth in the Middle East and beyond.”

Omar Elassar, managing director for Middle East and head of global strategic partnerships, added, “We are excited to establish our first office in the Middle East, one of the world’s most connected innovation hubs, to leverage the region’s vibrant landscape and support the evolving needs of the Web3 industry locally and globally. Joining Animoca Brands at this phase in its journey presents a unique opportunity to work with visionary builders and contribute to the wider integration of blockchain technology in a market that is poised for significant growth.”

​Animoca Brands has been active in the MENA region

Already Animoca brands has been active in the region whether in Saudi Arabia or the UAE. Earlier this year is signed an agreement with Saudi Neom, and also led an investment in UAE based Param Labs, an independent Web3 Blockchain gaming and technology studio totaling $7 million.

Digital asset startups in Hub71 raise $100 million in 2024

Digital asset startups in Hub71 raise $100 million in 2024

Hub71, Abu Dhabi’s global tech ecosystem, in its 2024 Impact Report, noted that startups in the Digital Assets program raised more than $100 million. As per the report in 2024 Hub71 startups recorded $2.17 billion (AED 8.02 billion) in funding; a 44.7% year-on-year increase from $1.5 billion (AED 5.4 billion) in 2023, demonstrating strong investor confidence in Abu Dhabi’s innovation economy. Revenue generated by startups also climbed to $1.2 billion (AED 4.5 billion), up from $1 billion (AED 3.5 billion) the previous year, reflecting sustained commercial traction across priority sectors.

Much of this rapid growth was fueled by Hub71, which is driving sector-wide transformation through its specialist ecosystems. Hub71+ Digital Assets, Hub71+ ClimateTech, and the newly launched Hub71+ AI are attracting startups that are developing impactful solutions to some of the world’s most pressing challenges. Startups in the Digital Assets program alone have raised more than $100 million, while partnerships with global tech leaders like Google, NVIDIA, Solana, Hashed and AWS are accelerating innovation across Web3, AI, renewable energy, and deep tech.

During the year, Hub71 received over 3,100 applications from entrepreneurs representing more than 20 countries, highlighting the growing global appetite to build from the UAE capital. Of the 46 startups selected, approximately over 70% came from international markets, with more than half in the Seed or Series A stages. Startups from the US, UK and Germany, made up nearly 63% of Cohort 16, cementing the city’s reputation as a gateway between established tech hubs and high-growth emerging markets.

Ahmad Ali Alwan, Chief Executive Officer of Hub71, said, “Hub71 began as an ambitious idea to enable founders to build from Abu Dhabi. That idea has since grown into a thriving community of entrepreneurs, investors, and partners working together to drive lasting impact. The progress captured in this report reflects the strength of our ecosystem and the trust placed in us by those who believe in Abu Dhabi’s long-term potential. As we look ahead, our focus remains on empowering founders and positioning Abu Dhabi as a global hub for technology and innovation.”

Hub71’s momentum mirrors Abu Dhabi’s growing status on the global startup map. According to the 2024 Global Startup Ecosystem Report, the emirate is the fastest-growing emerging startup ecosystem in MENA, with its ecosystem value rising 28% to $4.2 billion between mid-2021 and end-2023. StartupBlink’s 2024 rankings placed Abu Dhabi 6th regionally and 2nd in the UAE, reinforcing its rising global profile.

Capital access remains a central pillar of Hub71’s strategy. In 2024, capital partners deployed $65 million (AED 238 million) into its startup community. The global tech ecosystem welcomed new investors, including Princeville Capital, The Catalyst, and Golden Gate Ventures.

Meanwhile, Tech Barza, Hub71’s exclusive capital club for family offices, recorded its first startup deal and a 10% increase in membership. To unlock early-stage capital, Hub71 launched the Angel Investor Support Package empowering five new angel networks, including Falcon Valley and Qora71, to facilitate more early-stage ticket investments, thereby accelerating the growth and scalability of startups within the Abu Dhabi ecosystem.

Unlocking market access through strategic partnerships

Beyond funding, strategic partnerships remain a key pillar of Hub71’s value proposition, playing a critical role in helping startups gain traction. In 2024, startups signed 91 corporate deals with government and private sector partners worth $28 million (AED 103 million), accelerating their ability to scale and commercialize their solutions.

Programs like the Regulatory Sandbox, co-developed with the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi Mobility, and the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), enabled startups to pilot cutting-edge technologies in sectors such as smart mobility, digital health, food innovation, and alternative proteins.

Startup successes: Scaling impact from Abu Dhabi

In a year marked by an evolving funding environment, Hub71 startups captured investor attention with landmark raises that signal both global relevance and real-world impact. FinTech startup FlapKap, raised $34 million (AED 124.7 million) in pre-Series A funding to expand its AI-driven lending solutions across the GCC. ClimateTech pioneer 44.01 secured $37 million (AED 135.7 million) in Series A funding to scale its CO₂ mineralization technology that transforms captured emissions into rock, contributing to global decarbonization. Meanwhile, HealthTech innovator BioSapien closed a $5.5 million (AED 20 million) pre-Series A round to accelerate clinical trials of its MediChip™, a 3D-printed implant that delivers localized cancer treatment with minimal side effects.

Today, Hub71 is home to a vibrant community of founders building high-impact startups that address global challenges and unlock new markets; driven by access to capital, expert support and sector-specific expertise to attract top talent and fuel Abu Dhabi’s innovation agenda.

About Hub71:

Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.

Disrupt to invest $100 million in MENA AI and emerging tech startups

Disrupt to invest $100 million in MENA AI and emerging tech startups

Disrupt.com has announced that it is committed to investing $100 million in MENA’s AI and emerging technologies. The company has a proven track record of scaling bootstrapped businesses into global successes.

Founded by Aaqib Gadit, Uzair Gadit, and Umair Gadit, Disrupt.com is the evolution of a journey that started in a small Karachi office. The early team built Cloudways from the ground up, leading to its $350 million acquisition by US-listed DigitalOcean Holdings in 2022—the largest tech exit in Pakistan’s history. Now, with Disrupt.com, we are reinvesting our success to empower the next generation of entrepreneurs.

As per the announcement the company has already deployed over $40 million, supporting four growth-stage companies (including PureSquare, ZIGChain, Squatwolf) seven early-stage investments, and a landmark exit. With 650+ professionals, we provide deep operational support across AI, cybersecurity, Web3.0, automotive technology, and retail innovation.

As founding partner Aaqib Gadit states, “Now is the time to double down on our experience and financial investment to build the next wave of startups shaping the future.”

Hub71 admits Five digital asset startups to Cohort 16

Hub71 admits Five digital asset startups to Cohort 16

Hub71, Abu Dhabi’s global technology ecosystem, has admitted, five digital asset startups out of a total of 27 startups into its latest Cohort 16. The startups span across its three programs: Access, Hub71+ ClimateTech, and Hub71+ Digital Assets. Invoice Mate, Rilla Network, Sustainable Bitcoin Protocol, and 1Money are part of the Digital assets program.

Since the onset of Hub71 the venture ecosystem has support 357 startups, collectively securing over $145 million with an average of $4.9 million per company.

Over 1,300 companies/startups submitted applications. Under the Hub71 Digital assets program was InvoiceMate is a Blockchain & AI powered platform bridging conventional businesses with crypto liquidity, Redbrick is a cloud-based game and metaverse engine using blockchain and AI to streamline creation and distribution for all skill levels, Rilla Network is a decentralized infrastructure that unlocks the hidden potential of live streaming ecosystems while delivering exponential savings, Sustainable Bitcoin Protocol enables institutional investors to embed verifiable clean energy into their Bitcoin holdings—transforming Bitcoin’s distributed energy demand into a catalyst for the global energy transition, and 1Money which is developing the world’s first payment network exclusively designed for stablecoins, and specifically engineered to be the fastest, cheapest, and most compliant.

Among the new participants in Hub71’s Access programme is Vivan Therapeutics, a UK-based precision medicine company developing AI-driven cancer treatments using fruit fly models. The firm has raised US$10 million (AED 36 million) in funding. While in the Climate Tech program is Theion, a German company focused on developing sustainable sulphur-based batteries that can store up to three times more energy than conventional batteries.

Ahmad Ali Alwan, CEO of Hub71, said, “The selection process is highly competitive, reflecting the exceptional calibre of startups in our ecosystem. These companies are advancing innovation across key tech sectors while strengthening Abu Dhabi’s position as a global tech hub.”

The selected companies will benefit from access to Hub71’s network of mentors, partners, and investors, providing them with market opportunities, talent, and capital to support their commercial growth.


RAK DAO and XDC Blockchain fund accelerator with $2 million

RAK DAO and XDC Blockchain fund accelerator with $2 million

RAK DAO, the free zone for digital assets companies located in the emirate of Ras Al Khaimah UAE, has launched in partnership with XDC Blockchain the accelerator program – Builder’s Oasis with a funding pool of $2 million.

As per the press release, the accelerator program is designed to support Web3 startups in the gaming, AI, and blockchain infrastructure sectors. The program aims to attract over 150 global applicants, with high-potential startups to be shortlisted. Select participants are eligible for USD$100,000 in funding from the blockchain platform XDC, alongside guidance from RAK DAO’s network of ecosystem partners.

Applications for Builder’s Oasis will be open until the end of February 2025, after which shortlisted teams will be invited to participate in exclusive demo days in Dubai and Ras Al Khaimah.

These demo days will culminate in a final showcase during the weeks leading up to the upcoming TOKEN2049 in April 2025.

Luc Froehlich, Chief Commercial Officer of RAK DAO, stated, “Having worked closely with startups across the globe, I’ve witnessed how resources and mentorship can transform raw ideas into industry-shaping solutions. By providing funding, fast-track licensing, and a supportive community, we’re paving the way for blockchain, AI, and gaming ventures to flourish in Ras Al Khaimah and beyond. Our vision is to create a global nexus of forward-thinking founders who aren’t just building projects, but defining the future of decentralized technology”.

Ritesh Kakkad, co-founder of XDC Network, added, “At XDC Network, we’ve always believed in the power of pragmatic, real-world adoption for blockchain. ‘Builder’s Oasis’ aligns perfectly with our focus on delivering tangible solutions that bridge traditional finance and decentralized systems. Through this accelerator, we aim to empower startups to push boundaries—whether it’s in trade finance, tokenization, or next-generation gaming.”

In November 2024, XDC Network, an enterprise-grade Layer 1 blockchain designed for secure, scalable, and efficient operations that supports trade finance, real-world asset (RWA) tokenization, and decentralized applications for both enterprises and retail users, partnered with RAK Digital Assets Oasis to launch a Web3 accelerator in the UAE.

500 Global launches Saudi sovereign fund backed tech fund

500 Global launches Saudi sovereign fund backed tech fund

500 Global, a global venture capital firm, has launched the 500 MENA, L.P. (the “Fund”), a new fund dedicated to investing in high-growth technology startups across the Middle East and North Africa (MENA) region both from outside and inside the current 500 Global portfolio.

The Fund will invest primarily in startups with proven product-market fit and significant growth potential, addressing the critical funding gap MENA founders face, particularly in the expansion stage. 500 Global aims to actively support these companies through their extended international network and comprehensive platform, empowering them to build and scale innovative solutions regionally and globally.

Amjad Ahmad, managing partner, 500 Global MENA, and emerging market advisor, will lead the fund. A seasoned investor with over two decades of experience in emerging markets, Amjad has previously led venture and growth investments of over $1 billion in the MENA region in sectors ranging from technology and education to consumer products and financial services. He will be supported on the investment committee by Courtney Powell, chief operating officer and managing partner at 500 Global, who has been based in Riyadh since 2021.

“Amjad is a seasoned investor with a proven track record of helping founders scale their startups,” said Courtney Powell. “His leadership will be instrumental in driving the success of our Fund and portfolio companies.”

“We are thrilled to fuel the next wave of tech champions in the MENA region, driving innovation and economic growth as digital transformation accelerates across key economies,” said Amjad Ahmad. “Our partnership with talented founders aims to empower them to innovate, build, and scale.” The Fund is backed by prominent Saudi institutional investors, Jada Fund of Funds, a Public Investment Fund (PIF) company, and Saudi Venture Capital (SVC). It is also supported by Sanabil Investments alongside their ongoing strategic partnership with 500 Global.

The MENA region has witnessed a significant surge in startup activity in recent years. Funding in startups has soared from $990 million in 2019 to over $2.6 billion in 2023. 500 Global believes the growth is further evidenced by the return of international funds leading mega-rounds and successful tech IPOs in Saudi Arabia and the U.A.E. However, that expansion capital beyond the seed stage remains challenging, with Series B funding at a 5-year low accounting for only 2% of deals. As regional governments continue to invest in the venture ecosystem, especially in the GCC, we think the MENA region is on track to achieve venture capital penetration levels comparable to robust economies like the U.S.

UAE Varys Capital investment in Movement Labs pays off with $6 billion valuation

UAE Varys Capital investment in Movement Labs pays off with $6 billion valuation

After UAE Varys Capital led a Pre- seed raise for Blockchain L2 platform developer Movement Labs in 2023 where the startup raised $3.4 million. This week Movement Labs announced it was raising $100 million in a series B funding round which led to a valuation of $6 billion.

The recent funding round is being led by CoinFund and Brevan Howard’s digital asset arm Nova Fund.

Movement Labs will use the new capital for product enhancements, and expansion into the Asia Pacific market. Movement is redefining the blockchain ecosystem as an EVM-compatible Layer 2 solution built on the Ethereum network. It utilizes the innovative Move programming language, designed to enhance scalability, security, and flexibility, ensuring high-performance decentralized applications.

Prior to the Series B funding round, Movement Labs had also raised $38 million in a Series A round led by Polychain.

In a LinkedIn post Varys Capital noted that UAE MBS Global Investments were early supporters of their fund which had invested in Movement Labs. Varys Capital stated, “We’re honored to not only have you on our cap table, but seeing the blossoming partnership between our two entities taking shape and broadening our collective reach.”

MBS Global Investments is the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani, with headquarters in Dubai UAE.

MBS Global Investments prior to that had noted on LinkedIn, “MBS Global Investments proudly congratulates our partner, Varys Capital on their successful pre-seed investment in Movement Labs (MOVE), a pioneering project that has just achieved a major milestone. The recent Token Generation Event (TGE) for MOVE was a resounding success, with the token reaching an extraordinary fully diluted valuation surpassing $6 billion. This remarkable achievement has already captured the attention of the global crypto community, with MOVE being listed on all major exchanges, including Binance.”

MBS also noted that they would continue to support this venture. They stated, “We are excited to continue supporting this transformative venture and looks forward to the significant impact MOVE will have on the future of decentralized finance and blockchain technology.”

Varys Capital and FundRock create Master Fund in ADGM

In April 2024, Varys Capital (“Varys”) partnered with FundRock Investment Management Services (ME) Ltd (“FundRock”), a fund management company, licensed by the FSRA, to manage a feeder fund, that would invest its assets into a Master Fund with a mandate centered around blockchain, Web3 and infrastructure. The entity is named the Varys Capital Ventures (CEIC) Limited in the Abu Dhabi Global Market (ADGM).

Varys Capital has also invested in another layer 2 blockchain called MintLayer n that utilizes Dynamic Slot Allocation (DSA) consensus merging Proof-Of-Stake and Bitcoin technologies to make decentralized financial markets attack-proof. MintLayer has planned to launch it mainnet on January 29th 2024 and work to tokenize real-estate assets starting from Dubai UAE.

The Varys Capital portfolio is currently heavily focused on decentralized financing (DeFi) related platforms and services.

Saudi Sanabil Investments launches accelerator for Web3 startups

Saudi Sanabil Investments launches accelerator for Web3 startups

Saudi Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), and Orbit Startups have launched a new accelerator program aimed to invest in tech, Web3, healthcare and mobility.

Sanabil Accelerator by Orbit aims to support early-stage startups from Saudi Arabia and the MENA region as well as global startups seeking to expand into the region, according to a press release. The program will focus on key sectors, including fintech, healthcare, e-commerce, mobility, and logistics, among others.

Startups will receive an initial investment of $100,000 and access to follow-on funding. They will participate in an in-person market orientation in Riyadh and receive hands-on support from Orbit’s network of partners, mentors and investors.

William Bao Bean, Managing General Partner of Orbit Startups, commented, “Our partnership with Sanabil reinforces our commitment to scaling startups cross-border in the MENA region. This partnership will support startups as they scale beyond their home markets, positioning them to grow in the Kingdom of Saudi Arabia and across the MENA region through 2030 and beyond.”

“Partnering with Orbit, we are committed to empowering early-stage startups across diverse sectors including technology, healthcare, web3 and mobility,” a spokesperson at Sanabil Investments highlighted.

Aethir and Blockchain Center Abu Dhabi partner for $100 million ecosystem fund

Aethir and Blockchain Center Abu Dhabi partner for $100 million ecosystem fund

Aethir ,enterprise-grade GPU-as-a-service platform on the market, capable of supporting AI and gaming companies of all types and sizes with reliable, secure, and highly scalable GPU computing power and The Blockchain Center Abu Dhabi (ADBC) partnered at Bitcoin MENA to supercharge AI and gaming development through Aethir’s $100 Million Ecosystem Fund.

As per the blog post, the fund comprises of Aethir compute subsidies and token grants for eligible projects, focusing on innovators developing projects in Abu Dhabi and the broader MENA region. ADBC will be the regional onboarding partner for Aethir’s AI and gaming ecosystem grants, as they have expertise in the local Web3 sector.

Aethir’s decentralized cloud infrastructure can efficiently service the most demanding enterprises in the Web3 industry with premium GPU compute resources. Additionally, Aethir’s network of over 33,000 globally distributed Aethir Edge cloud computing devices enables anyone to become a compute provider in our network and support the everyday workloads of our clients worldwide.

ADBC aims to empower businesses, governments, and individuals to leverage blockchain technology for sustainable growth and transformation that can positively impact users’ everyday lives globally. The center’s Incubation & Acceleration Hub provides Web3 startups with comprehensive resources, expert mentorship, and strategic funding.

The grant program will primarily focus on AI and gaming enterprises building projects in the MENA region, focusing on Abu Dhabi with ADBC’s support. Aethir will be the exclusive GPU computing provider for all eligible projects with compute grants, subsidies, and token grants from our $100 million Ecosystem Fund.

ADBC will be Aethir’s exclusive partner for onboarding innovative AI and gaming projects from the MENA region into the ecosystem through Aethir’s grant program.

ADBC will form a committee to source and onboard startups into the Aethir ecosystem, specifically in Abu Dhabi and the broader MENA region, and will offer grantees expertise in regulatory compliance, business strategy, and market entry within the UAE. Furthermore, ADBC will co-host or sponsor events to increase the visibility of grantee projects and create networking opportunities, as well as joint marketing campaigns to promote these projects.

While, Aethir’s role in this partnership will be to provide compute subsidies and token grants to eligible applicants. All grant program applicants must use Aethir’s cloud-computing infrastructure or partner with Aethir through allocations of their native tokens.

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DMCC and Bybit announce 5 blockchain startup winners for Web3 hackathon

DMCC and Bybit announce 5 blockchain startup winners for Web3 hackathon

DMCC, the Dubai Multi Commodities Center and the global crypto exchange Bybit, concluded their second edition of the Middle East’s largest Web3 hackathon focused on pioneering the latest innovations in Web3 with five winning blockchain startups.

With an increased prize pool of USD 160,000, the event saw 15 of the world’s most innovative Web3 startups compete to develop creative technical solutions to a range of challenges at the cutting edge of the sector including tokenisation, AI, Web3 infrastructure, zero-knowledge protocols, digital identity and DePIN (decentralised physical infrastructure networks).

The 15 projects were carefully curated to promote real-world industry solutions, encouraging tangible, practical applications that create meaningful impact. Judges evaluated each project based on creativity, technical implementation, practicality, business potential and impact, focusing on how effectively each project addressed genuine challenges.

The five startup winners included, KelpMe, Trepa, Mavryk Network, Hive and Poppin.

  1. KelpMe – KELP (Key-Loss Protection) is a blockchain-based solution designed to address the loss of private keys and misdirected transactions, which can lead to permanent asset loss. It offers a fully reactive recovery mechanism, allowing users to reclaim assets even after key loss, without needing preemptive backup measures. (USA, UAE, Greece)
  2. Trepa – Trepa is a Telegram-based app that lets users predict majority opinions on any topic through easy prediction pools. Stake tokens, align with the consensus, and earn rewards. Powered by TON blockchain for secure, transparent, and low-cost participation. (South Korea, Singapore)
  3. Mavryk Network – Mavryk Network is the Layer 1 blockchain designed to revolutionize asset ownership and nurture the RWA community building the tokenization of assets for tomorrow. By leveraging RWA tokenization, DeFi applications, and robust infrastructure, Mavryk aims to transform how individuals interact with and leverage tokenized assets. (Dubai, Gibraltar, Singapore, Paris, Kiev, Tel Aviv)
  4. Hive – Hive is building a solution that is leading the compute sharing economy with every home’s GPU. By empowering individuals to share their computing resources, Hive can democratize access to technology. This shift challenges the dominance of big tech and puts the power back into the hands of everyday people. (Abu Dhabi, Belgium)
  5. Poppin – Poppin is a browser extension that turns any webpage into a social hub, allowing users to connect and interact with others on the same webpage through comments, real-time chats, and voice streams. (Turkey)

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated, ““By pioneering new solutions in tokenization, AI, and zero-knowledge protocols, the DMCC-Bybit hackathon continues to show why Dubai remains at the forefront of Web3 innovation. With an expanded competition of 15 global start-ups and an increased prize pool of USD 160,000, we are attracting the world’s best talent to Dubai to encourage practical applications and create meaningful impact. This is another great example of the innovation being carried out from within DMCC Crypto Centre, with the support of Bybit and our other dedicated ecosystem partners, as we showcase Dubai’s vast Web3 potential for the benefit of the entire industry.”

Ben Zhou, Co-founder and CEO of Bybit added, “It is safe to say there is such an abundance of Web3 talent here in Dubai. The fierce competition displayed a clear ethos of innovation, so we are proud to work with DMCC to advance Web3 globally. We look forward to seeing all of today’s competitors make their mark on the world of Web3.”

In addition to co-organiser Bybit, the hackathon was held in partnership with DWF Labs, Meezan Ventures, Injective, 1inch, CVVC, Blockchain for Good Alliance and Hacken, each providing key contributions to the programme. Cointelegraph sponsored the event as the media partner, with Superteam UAE, Web3 TV, College DAO, Hackquest, BeWater, Bloc Soc IITD and KEY Difference joining as community partners. 

In November 2023, three Web3 startups were chosen including Pravica, Evai and TimesSwap.