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Hub71, Abu Dhabi’s global tech ecosystem, has already attracted more than 200 startups that have collectively raised up to AED 4.5 billion (US$ 1.2 billion) in venture capital (VC) funding, creating a More than 900 jobs.
As a result, Hub71 increased its community by 102%, with 51 new early-stage companies relocating to the UAE capital for exponential growth.
In a year dedicated to boosting startups and Abu Dhabi influence, Hub71 facilitated 41 POCs for corporate partners worth AED160 million (US$43.5 million), and through its incentive scheme, founders save AED 81 million (US$ 22 million) in cost.
scope expanded
In 2022, Hub71 expands the scope of its initiatives to attract global tech startups to Abu Dhabi and enter the market, reaching a growing number of investors ranging from 30+ venture capital firms to family offices and business partnerships partner.
Hub71’s work is driving continued diversification of Abu Dhabi’s economy and technological advancement in the UAE as the country becomes an entrepreneurial nation by 2031, the business said, publishing its Impact 2022 report “Gaining traction, driving impact “.
Badr Al-Olama, Acting CEO of Hub71, said: “Abu Dhabi has reached the intersection of transformation and innovation. Hub71 has been the driving force behind the growth of numerous successful startups and tech companies that are pushing boundaries in more than 20 sectors. Our startups have raised over AED 4 billion by the end of 2022. With this achievement, we are now building on our global impact by doubling down on developments that promise to have a transformative impact across multiple industries Breakthrough technology.”
Describe Abu Dhabi’s tech ecosystem
Covering the period January-December 2022, Hub71’s Impact Report shares data, insights, success stories and developments within and beyond the Abu Dhabi tech startup community. This year, Hub71 surpassed 200 startups for the first time, launched a fundraising roadshow, launched Tech Barza, a capital club for family offices, and expanded its Ventures Lab program.
In 2022, nine of the 51 startups joined by Hub71 have raised more than AED 36.7 million (US$ 10 million) in funding, for a combined total of AED 575 million (US$ 156.7 million). Its diverse entrepreneurial community is represented in 48 countries, with companies that have expanded from Hub71 in more than 20 industries, such as ClimateTech, FinTech, HealthTech, and EdTech. Applications to join Hub71 have grown by 102%, with nearly one-third coming from partner referrals.
Ahmad Ali Alwan, Deputy CEO of Hub71, commented: “As in the past few years, our primary focus remains making an impact. Our impact report profiles Abu Dhabi’s growth and strategic development as a global technology ecosystem, enabling Startups 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 to support innovation for start-ups and technology companies, while supporting the nation’s knowledge economy and its transformation .”
Expand the scope of
In 2023, Hub71 will expand its reach to specific technology sub-sectors by launching the Hub71+ professional ecosystem, dedicated to unlocking the potential of technologies such as digital assets, climate technology and biotechnology. The tech ecosystem is diversifying capital pools to increase investment flow to startup founders and elevate their presence on the global stage, seizing opportunities to create value and mutually beneficial cross-border partnerships for the benefit of Abu Dhabi Bihe international founder and entrepreneur.– trade arab news agency
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