HUB71 startups community raises $1b in venture capital

Hub71, Abu Dhabi’s global tech ecosystem, on Monday announced its startup community has raised $1 billion (Dhs3.7 billion) in venture capital collectively since its launch in 2019.

The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies each with a proven track record of attracting large-scale investment from leading venture capital firms.

Nine startups onboarded by Hub71 this year have raised more than $10 million (AED36.7 million) in funding each, $156.7 million (Dhs575 million) collectively. This includes Axiom, a startup that helps companies monitor and analyse data, raised $25 million (Dhs93.6 million), the highest of any startup onboarded by Hub71 in 2022, and 257 percent more than the highest amount raised by a startup joining Hub71 in 2021. Additionally, Earthshot Prize winner, 44.01, a carbon reduction company eliminating CO2 by transferring it into rock, had already raised US$16.2 million (Dhs59.4 million) upon joining Hub71 within its latest cohort.

This follows 2021, in which the highest amount raised by a startup joining Hub71 was $1.9 million (Dhs7 million) and the average fundraise of startups joining the community amounted to $463,000 (Dhs1.7 million).

Badr Al-Olama, Acting Chief Executive Officer of Hub71, said, “A true sign of a quality startup is a founder’s proven ability to raise capital from high profile investors. As the startups we’ve onboarded at Hub71 have raised $1 billion collectively, our community is increasingly accelerating deal flow and reinforcing Abu Dhabi’s stature as a top investment destination for startups at all stages.