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Saturday, June 3, 2023

Abu Dhabi’s Hub71 expects strong growth of 102% in 2022

Ahmad Ali Alwan_Impact Event by HUb71

Abu Dhabi’s Hub71 is witnessing 102% growth by 2022, with over 200 startups joining the global tech ecosystem.

These include early-stage companies that relocate to the UAE capital to rapidly scale their operations.

In total, the startups have reportedly raised nearly AED4.5 billion ($1.2 billion) in venture capital and created more than 900 jobs.

Focused on driving startups and impact in Abu Dhabi, the ecosystem 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’s incentive program has helped founders save AED 81 million ($2 million) in costs, contributing to their success and growth, according to Hub71.

Hub71: Driving Economic Diversification

Hub71 has expanded its initiative to attract global tech start-ups to Abu Dhabi, giving 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, it continues to diversify Abu Dhabi’s economy and drive technological advancement in the UAE towards its goal of becoming an entrepreneurial nation by 2031.

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 startups and technology companies 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 breakthroughs that are expected to have transformative impact across multiple sectors sex technology.”

The technology ecosystem also recently released its 2022 Impact Report: Gain traction, drive impact, It reveals key highlights.

The report shares data, insights, success stories and developments within and outside of Abu Dhabi’s tech startup community from January to December 2022.

The year saw the tech ecosystem surpass 200 startups for the first time, launch a fundraising roadshow, launch Tech Barza, an exclusive capital club for family offices, and expand Ventures Lab, the Venture Building programme.

Nine of the 51 startups launched in 2022 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).

read: Abu Dhabi’s Hub71 startup community raises $1 billion in venture capital

Its diverse entrepreneurial community includes 48 nationalities, with scaled companies in more than 20 sectors such as climate tech, fintech, healthtech and edtech.

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

Ahmad Ali Alwan, its Deputy Chief Executive Officer, said: “As in past years, our primary focus remains on making 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. “

By 2023, the tech ecosystem will expand its reach to specific tech sub-sectors with the launch of Hub71+ specialist ecosystems dedicated to unlocking the potential of technology, including digital assets, climate tech and biotech.

Tech ecosystems are diversifying capital pools to increase the flow of investment to startup founders.

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

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.

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