Hub71 onboarded startups since 2019 have raised almost Dhs4.5b
Ahmad Ali Alwan speaks during the event.
By the end of 2022, Hub71 had onboarded startups that have raised almost Dhs4.5 billion ($1.2 billion) 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 Dhs160 million ($43.5 million) and enabled founders to save Dhs81 million ($22 million) in costs through its Incentive programme.
Hub71 marks Year of Impact with more than 200 startups that raised almost Dhs4.5 billion globally from Abu Dhabi.
In 2022, Hub71 expanded its range of initiatives designed to attract tech startups worldwide to Abu Dhabi and break into the market with access to a growing pool of investors ranging from over 30 venture capital (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.
Hub71 published its 2022 Impact Report ‘Gaining Traction, Driving Impact’, available to download here.
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 Dhs4 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.”
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.”
Covering the period from January to December 2022, Hub71’s Impact Report shares data, insights, success stories and developments from in and around Abu Dhabi’s tech startup community. The year saw Hub71 surpass 200 startups for the first time, initiate fundraising roadshows, launch Tech Barza - an exclusive capital club for family offices and expand Ventures Lab, the Venture Building programme.
Nine of the 51 startups onboarded by Hub71 in 2022 raised more than Dhs36.7 million ($10 million) in funding each, reflecting Dhs575 million ($156.7 million) 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 with almost a third sourced by referrals from partners.
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.
Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.
Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors.
Through Hub71’s entrepreneurial infrastructure, value-add programs, enabling services and support packages, founders can build and scale widely adopted technologies with purpose and impact. Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation’s continuous economic development.
