Startup funding in Abu Dhabi’s Hub71 hit $1.2bn by 2022 end By Pramod Kumar March 24, 2023, 6:25 AM Hub71 Ahmad Ali Alwan, deputy CEO of Hub71, says the impact report presents the growth and strategic development of Abu Dhabi as a global technology ecosystem Startups at Abu Dhabi’s global tech ecosystem Hub71 raised almost AED4.5 billion ($1.2 billion) collectively in venture capital from 2019 until the end of 2022. The number of startups rose 102 percent year on year to more than 200 in 2022, with 51 new early-stage companies relocating to the UAE’s capital to scale exponentially. More than 900 jobs were created by the end of 2022, Hub71 said in a statement. In a year devoted to driving impact for startups and Abu Dhabi, Hub71 facilitated 41 proofs of concept for corporate partners worth AED160 million and enabled founders to save AED81 million in costs through its incentive program. Last year, Hub71 expanded its range of initiatives designed to attract tech startups worldwide to the UAE capital and break into the market with access to a growing pool of investors ranging from over 30 venture capital firms to family offices and commercial partners. Badr Al-Olama, acting CEO of Hub71, said they are now “solidifying the impact we generate on a global scale by doubling down on breakthrough technologies”. Nine of the 51 startups onboarded by Hub71 in 2022 raised more than AED 36.7 million in funding each, reflecting AED575 million collectively. The entrepreneurial community comprises 48 nationalities and the companies are present in more than 20 sectors, such as climate tech, fintech, health tech and education tech. Applications to join Hub71 grew 102 percent cohort-on-cohort, with almost a third sourced by partner referrals. Ahmad Ali Alwan, deputy CEO of Hub71, said the top focus remains on generating impact: “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.
