Hub71 Grew By 102% With 200 Startups Join The Global Tech Ecosystem
Nine out of the 51 startups that were accepted in 2022 raised more than Dhs36.7 million ($10 million) in funding, totaling Dhs575 million ($156.7 million).
With more than 200 startups joining the global tech ecosystem, Abu Dhabi’s Hub71 saw growth of 102% in 2022.
These included startup companies moving to the UAE’s capital to expand their operations quickly. According to the report, these startups have amassed over 900 jobs and nearly Dhs4.5 billion ($1.2 billion) in venture capital.
41 POCs (proofs of concept) for corporate partners, with a total value of Dhs 160 million ($43.5 million) by the end of 2022, were made possible by the ecosystem’s focus on generating impact for startups and Abu Dhabi.
According to Hub71, the ecosystem’s incentive programme also assisted founders in saving Dhs81m ($2m) in expenses, which aided in their success and expansion. With the expansion of Hub71’s initiatives, tech startups from around the world will now have access to a larger pool of investors, including more than 30 venture capital firms, family offices, and business partners.
By encouraging the development of tech startups, Abu Dhabi’s economy can continue to diversify, and the UAE can advance technologically as it works towards its goal of becoming an entrepreneurial nation by 2031.
“Abu Dhabi has arrived at the intersection of transformation and innovation,” said Badr Al-Olama, Hub71’s acting CEO. Hub71 is the impetus behind the expansion of numerous innovative technology firms that are pushing the envelope in more than 20 different industries.”
“Our startups will have raised more than Dhs 4 billion by the end of 2022. With this accomplishment, we are strengthening the global impact we have by investing more in ground-breaking technologies that have the potential to transform many industries.”
The 2022 Impact Report: Gaining Traction, Driving Impact, which was recently released by the tech ecosystem, revealed key highlights. From January to December 2022, data, insights, success stories, and developments from the tech startup community in and around Abu Dhabi are shared in the report.
In addition to starting fundraising roadshows, launching Tech Barza, an exclusive capital club for family offices, and expanding Ventures Lab, the Venture Building programme, the year saw the tech ecosystem surpass 200 startups for the first time.
Nine out of the 51 startups that were accepted in 2022 raised more than Dhs36.7 million ($10 million) in funding, totaling Dhs575 million ($156.7 million). 48 different nationalities are represented in its diverse entrepreneurial community, and the businesses it has scaled are active in more than 20 industries, including edtech, fintech, health tech, and climate tech.
According to its deputy CEO, Ahmad Ali Alwan, “Like in previous years, making an impact continues to be our main priority. Our Impact Report highlights Abu Dhabi’s expansion and strategic development as a major global technology hub for scaling up startups.
Our 2022 impact results confirm that Hub71 is a platform that champions innovation among startups and technology companies while supporting the country’s knowledge-based economy and its transformation as we continue our pursuit of creating domestic unicorns.”
With the introduction of Hub71+ specialised ecosystems in 2023, the tech ecosystem will extend its reach into particular technology subsectors with the goal of maximising the potential of technologies like digital assets, climate tech, and biotech.
For the purpose of increasing investment flows to startup founders, the tech ecosystem is diversifying the capital market. The global tech ecosystem is expanding its influence, seizing chances to add value and forge international alliances that are advantageous to both founders and business owners in Abu Dhabi and elsewhere.