Aldar Properties announced that five tech startups had been awarded pilot projects as part of the second cycle of its equity-free accelerator program, Scale Up, alongside strategic partner Majid Al Futtaim Communities.
The five selected businesses specialize in the rapidly evolving technologies of spatial and artificial intelligence, blockchain, NFT applications and data analytics, and align with the UAE’s smart and sustainable cities ambitions as the shift to Web 3.0 accelerates globally.
Developed in partnership with startAD, the Abu Dhabi-based global startup accelerator, powered by Tamkeen and anchored at NYU Abu Dhabi, this year’s program focused on attracting international startups with technologies that have the potential to reimagine the future of the real estate industry and shape the open metaverse.
The five businesses selected for pilot projects by Aldar include LlamaZOO, a spatial business intelligence platform enabling enterprises to create real-time digital twins of places, spaces, and things; Database, an Augmented Reality outdoor media company, codifying and monetizing digital property rights in the metaverse; and Geotwin, an advanced computing and research startup that operates a SaaS platform and offers a low-risk and cost-efficient way for organizations to test and evaluate strategies and investments.
Sook Space is a platform that provides access to flexible, sustainable, affordable, and digitally-connected spaces. Bookable by the hour, and in multiple locations, Sook enables big and small businesses to experiment, connect with their communities, and thrive. It was awarded by Aldar and Majid Al Futtaim Communities.
However, Majid Al Futtaim Communities awarded Metaverse Architects, an industry-leading development, investment, and advisory firm in the Metaverse sector.
Following a rigorous process of assessing over 300 applications from 69 countries, ten startups were accepted to take part in a 4-week sprint accelerator where they received curated training sessions, worked with dedicated Innovation Champions within Aldar and Majid Al Futtaim, and benefited from access to global experts and introductions to regional industry leaders.
The participating startups have raised an average of $632,000 in funding and generated an average annual revenue of $619,000. All ten startups pitched their solutions to a selection committee for pilot projects with Aldar and Majid Al Futtaim Communities.
Commenting on the Aldar Scale-Up Program, Maan Al Awlaqi, Executive Director, Strategy and Transformation, Aldar Properties, said, “The real estate technology startup landscape has grown over 300% in the past decade with an estimated 8,000 PropTech companies identified, and we are seeing significant demand for PropTech platforms in the UAE, particularly with the global shift towards Web 3.0.
“Despite an overall decline in global VC funding activity during the first quarter, the value of deals across the MENA region has continued to grow rapidly, with nearly 70% of 2021’s total funding value achieved during the first three months of 2022, indicating significant appetite to invest in startups.”
Shadi Al Azzeh, Managing Director, Majid Al Futtaim Communities, said that advancements in tech will impact mixed-use communities and reduce inefficiencies in neighborhoods. “We expect 2022 to eclipse this, with advancements in the metaverse, sustainable mindsets, the dominance of Gen Z, and new communities dominating the real estate technology landscape. The possibilities for real estate here are limitless, and the true opportunity lies in bridging the built world with the metaverse’s enhanced digital world.”