[ad_1]
ABU DHABI, 23rd March, 2023 (WAM) — Abu Dhabi’s global tech ecosystem, Hub71, has seen its community grow by 102% in 2022, with more than 200 startups joining its ranks, including 51 early-stage companies relocating to The capital of the UAE to quickly scale up your business. Together, the start-ups have raised nearly AED4.5 billion (US$1.2 billion) in venture capital and created more than 900 jobs since their inception.
Focused on driving startups and impact in Abu Dhabi, Hub71 has facilitated 41 POCs (Proofs of Concept) for corporate partners worth AED160 million (US$43.5 million) by the end of 2022. Additionally, the ecosystem incentives program has helped founders save AED 81 million (US$ 22 million) in costs, contributing to their success and growth.
Additionally, Hub71 has expanded its initiative to attract global tech start-ups to Abu Dhabi and give them access to a growing number of investors, including more than 30 venture capital firms, family offices and business partners. By supporting the growth of technology start-ups, Hub71 continues to diversify Abu Dhabi’s economy and drive technological advancement in the UAE towards its goal of becoming an entrepreneurial nation by 2031.
Hub71 Releases 2022 Impact Report “Gaining Traction, Driving Impact”available for download here.
Badr Al-Olama, Acting CEO of Hub71, said: “Abu Dhabi has reached the intersection of transformation and innovation. Hub71 is the driving force behind numerous successful start-ups and technology companies pushing boundaries in more than 20 sectors. By the end of 2022, Our start-ups have raised over AED4 billion. With this achievement, we are now building on our global impact by doubling down on breakthrough technologies that promise to have transformative impact across multiple sectors.”
Running from January to December 2022, Hub71’s Impact Report shares data, insights, success stories and developments within and beyond the Abu Dhabi tech start-up community. This year, Hub71 surpassed 200 startups for the first time, launched a fundraising roadshow, launched Tech Barza, the exclusive capital club for family offices, and expanded Venture Labs, the venture capital building program. Of the 51 start-ups joining Hub71 in 2022, nine have each raised more than AED 36.7 million (US$ 10 million) in funding, for a total of AED 575 million (US$ 156.7 million). Its diverse startup community includes 48 nationalities, and companies that have grown out of Hub71 span over 20 industries, such as ClimateTech, FinTech, HealthTech, and EdTech. Applications to join Hub71 have increased by 102%, with nearly one-third coming from partner referrals.
Ahmad Ali Alwan, Deputy CEO of Hub71, said: “As in the past few years, our priority remains to make an impact. Our impact report profiles the growth and strategic development of Abu Dhabi as a global technology ecosystem enabling start-ups to Businesses are able to grow and scale.As we continue our quest to build home-grown unicorns, our 2022 impact results further demonstrate that Hub71 is a platform that supports innovation for start-ups and technology companies, while supporting the nation’s knowledge economy and its transformation. “
In 2023, Hub71 will expand its reach to specific tech sub-sectors with the launch of the Hub71+ specialized ecosystem (including digital assets, climate tech and biotech) dedicated to unlocking the potential of technology. Tech ecosystems are diversifying capital pools to increase investment flows to startup founders. It is elevating its presence on the global stage, seizing opportunities to create value and mutually beneficial cross-border partnerships to benefit founders and entrepreneurs in Abu Dhabi and internationally.
Lola Al Ghoul /
[ad_2]
Source link
