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Abu Dhabi’s global tech ecosystem, Hub71, has recruited startups that have raised nearly AED4 billion (US$1 billion) in venture capital by the end of 2022 and created more than 900 jobs since its inception.
According to Hub71’s impact report covering its activities from January to December 2022, the startup ecosystem’s community has increased by 102% to more than 200 startups by 2022, with 51 new early-stage companies relocating to the UAE capital , growing exponentially.
Hub71’s investors range from Mubadala Investments to more than 30 venture capital firms, to family offices and business partners.
Badr Al-Olama, Acting CEO of Hub71, said: “We contribute a whopping AED400 million to Abu Dhabi’s economy and now we are strengthening our global reach by doubling down on our professional ecosystem dedicated to breakthrough technologies. These technologies are poised to have a game-changing impact.”
Nine of the 51 startups joining Hub71 in 2022 have each raised more than AED 36.7 million (US$ 10 million) in funding, for a combined total of AED 575 million (US$ 156.7 million).
2023 Roadmap
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.
Tech ecosystems are diversifying capital pools to increase investment flows to startup founders, according to an impact report.
The report states that Hub 71 is raising its profile on the global stage, seizing opportunities to create value and mutually beneficial cross-border partnerships that benefit founders and entrepreneurs in Abu Dhabi and internationally.
(Writing by Seban Scaria; Editing by Daniel Luiz)
(seban.scaria@lseg.com)
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