Abu Dhabi’s Hub71 sees robust 102% growth in in 2022

Abu Dhabi’s Hub71 witnessed 102 per cent growth in 2022, with more than 200 startups joining the global tech ecosystem.

These included early-stage companies relocating to the UAE’s capital to scale their businesses rapidly.

These startups have collectively raised nearly Dhs4.5 bn ($1.2bn) in venture capital and created over 900 jobs, it reported.

The ecosystem’s focus on driving impact for startups and Abu Dhabi has led to the facilitation of 41 POCs (proofs of concept) for corporate partners, which were valued at Dhs160m ($43.5m) by the end of 2022.

Additionally, the ecosystem’s incentive programme helped founders save Dhs81m ($2m) in costs, contributing to their success and growth, according to Hub71.

Hub71: Driving economic diversification

 Hub71 expanded its initiatives that are aimed to attract tech startups worldwide to Abu Dhabi, giving them access to a growing pool of investors, including more than 30 VC firms, family offices, and commercial partners.

By supporting the growth of tech startups,  it is enabling the continued economic diversification of Abu Dhabi and driving technological advancements in the UAE as it moves towards its goal of becoming 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 pushing boundaries in more than 20 sectors.

“By the end of 2022, our startups raised more than Dhs4bn. With this achievement, we are now solidifying the impact we generate on a global scale by doubling down on breakthrough technologies poised to make a transformational impact across multiple sectors.”

The tech ecosystem also recently published its 2022 Impact Report: Gaining Traction, Driving Impact, which revealed key highlights.

The report shares data, insights, success stories and developments from in and around Abu Dhabi’s tech startup community – from January to December 2022.

The year saw the tech ecosystem 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  in 2022 raised more than Dhs36.7m ($10m) in funding each, collectively reflecting Dhs575m ($156.7m).

Read:  Abu Dhabi’s Hub71 startup community raises $1bn in venture capital

Its diverse entrepreneurial community has 48 nationalities represented, and the companies it has scaled are present in more than 20 sectors, such as climate tech, fintech, health tech, and edtech.

Read: Here’s how Hub71, Investible will support climate tech and other early-stage companies

Ahmad Ali Alwan, its deputy CEO, stated, “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, the tech ecosystem is broadening its reach into specific technology subsectors with the launch of Hub71+ specialist ecosystems dedicated to unlocking the potential of technologies, including digital assets, climate tech and biotech.

The tech ecosystem is diversifying the capital pool to increase investment flows to startup founders.

Also read: Abu Dhabi launches ‘Hub71+ Digital Assets’ to accelerate growth of Web3 startups

It 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+ Digital Assets has officially launched, paving the way for a new era of innovation and collaboration!

This specialized ecosystem is dedicated to unleashing the potential of Web3 startups and digital assets by granting access to an extensive range of opportunities. pic.twitter.com/nYXCV1w6TW

— Hub71 (@hub71ad) February 16, 2023