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Hub71 Startups Raise AED 4.5billion in VC to Become an Entrepreneurial Nation

March 24, 2023

Hub71 Startups Raise AED 4.5billion in VC to Become an Entrepreneurial Nation

Hub71, Abu Dhabi’s global tech ecosystem, increased its community by 102 per cent to more than 200 startups in 2022. Fifty-one new early-stage companies relocated to the UAE’s capital to scale exponentially. By the end of 2022, Hub71 had onboarded startups that have raised almost AED 4.5 billion ($1.2billion) collectively in venture capital and created more than 900 jobs since its inception.

In a year dedicated to driving impact for startups and Abu Dhabi, Hub71 facilitated 41 POCs for corporate partners valued at AED 160 million ($43.5million). It also enabled founders to save AED 81 million ($22million) in costs through its Incentive Program.

In 2022, Hub71 expanded its range of initiatives designed to attract tech startups worldwide to Abu Dhabi. It wanted to break into the market with access to a growing pool of investors ranging from over 30 VC firms to family offices and commercial partners. The work of Hub71 is enabling the continued economic diversification of Abu Dhabi and technological advancements in the UAE as the nation progresses to become an Entrepreneurial Nation by 2031.

Badr Al-Olama, acting chief executive officer of Hub71, said: “Abu Dhabi has arrived at the intersection of transformation and innovation. Hub71 is the driving force behind the growth of so many successful startups and technology companies that are pushing boundaries in more than 20 sectors.

“By the end of 2022, our startups have raised more than AED 4 billion. With this achievement, we are now solidifying the impact we generate on a global scale by doubling down on breakthrough technologies that are poised to make transformational impact across multiple sectors.”

Characterising Abu Dhabi’s tech ecosystem

Covering the period from January to December 2022, Hub71’s Impact Report shares data, insights, and success stories in Abu Dhabi. It also covers developments from in and around Abu Dhabi’s tech startup community.

The year saw Hub71 surpass 200 startups for the first time and initiate fundraising roadshows. It launched Tech Barza – an exclusive capital club for family offices and expanded Ventures Lab, the venture building program. Nine of the 51 startups onboarded by Hub71 in 2022 raised more than AED 36.7 million ($10million) in funding each. This totals AED 575 million ($156.7million) collectively.

Its diverse entrepreneurial community has 48 nationalities represented and the companies scaling from Hub71 are present in more than 20 sectors such as climatetech, fintech, healthtech, and edtech. Applications to join Hub71 grew 102 per cent cohort-on-cohort. Almost a third were sourced by referrals from partners.

Ahmad Ali Alwan, deputy CEO of Hub71, commented: “Like in the years past, our top focus remains on generating impact. Our Impact Report presents the growth and strategic development of Abu Dhabi as a global technology ecosystem that enables startups to grow and scale.

“As we continue our pursuit of building homegrown unicorns, our 2022 impact results reinforce that Hub71 is a platform that champions innovation among startups and technology companies while supporting the nation’s knowledge-based economy and its transformation.”

In 2023, Hub71 is broadening its reach into specific technology subsectors by launching Hub71+ specialist ecosystems dedicated to unlocking the potential of technologies including digital assets, climatetech and biotech.

The tech ecosystem is diversifying the capital pool to increase flows of investment to startup founders and is elevating its presence on the global stage, capturing opportunities to create value and mutually beneficial cross-border partnerships for the benefit of founders and entrepreneurs in Abu Dhabi and internationally.

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