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.