Krypto Labs, a new business incubator based in Abu Dhabi’s Masdar City, officially launched this week with an opening ceremony including an early-stage startup competition.
The incubator was created with backing from Abu Dhabi Financial Group (ADFG), and is open to startups and entrepreneurs from anywhere in the world and across any industry.
"This world-class facility was born from a deep understanding of the pain points typically faced by many startups, but has also been designed to incubate companies in any sector or phase of development, anywhere in the world. We are looking forward to working closely with some of the world’s most ambitious minds and welcoming them to their new home in the Middle East,” said Dr. Saleh Al Hashemi, Managing Director of Krypto Labs, in a release from Emirates News Agency.
The incubator accepts applications for funding in return for a negotiated investment in projects, and is also able to incubate companies remotely. Participating startups will have access to a VC fund at a later stage.
In addition to a co-working space, Krypto Lab’s 2,600 square-meter facility includes a technical workshop, video and audio studio, meeting rooms, an event space, 3D-printing lab, and ICT infrastructure and support. It will also provide support like legal advice, access to other incubators around the world, and networking opportunities with industry leaders and investors.
Krypto Labs began preparing for its launch in August by opening applications to its startup competition, which offered winners a $250,000 capital investment and enrollment in the incubator. In 50 days it received 2,000 applications from entrepreneurs in 75 countries. The winner was urban planning startup ModelMe3D.
"The launch of Krypto Labs heralds a new era for entrepreneurs and investors in the U.A.E. It is a fruitful outcome of a profound understanding of the challenges facing most of the ambitious start-ups,” said Jassim Alseddiqi, Managing Director and CEO of Abu Dhabi Financial Group, in the release.