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Abu Dhabi-based tech ecosystem Hub71 has announced that its startup community has raised $1 billion (AED3.7 billion) in venture capital since its launch in 2019.
The achievement is said to come within a year of joining the ecosystem with 53 high-growth technology businesses, each of which has demonstrated a history of attracting large-scale investments from venture capital firms. Gulf business.
In 2022, Hub71 joins nine companies that have collectively raised more than $10 million (Dh36.7 million) each, for a total of $156.7 million (Dh575 million).
This follows on from 2021, the year in which the highest amount raised by a startup was US$1.9 million (AED7 million), and the average amount raised by startups joining the community was US$463,000 (AED1.7 million) .
Badr Al-Olama, Acting CEO of Hub71, said: “The true mark of a quality startup is the founders’ proven ability to raise capital from reputable investors. community is increasingly accelerating deal flow and cementing Abu Dhabi’s position as the investment destination of choice for startups at all stages. We are setting the tone for 2023 and remain committed to helping our founders create from our ecosystem global reach.”
Hub71 has built a diverse capital ecosystem consisting of active investment partners ranging from Mubadala Investment Company to over 30 venture capital firms to family offices, offering startup founders multiple ways to access funding and Offers investors the opportunity to increase deal flow.
By 2022, the community has surpassed 200 startups following this year’s third cohort of 21 startups.