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Ahmed Ali Alwan speaks at the event.
Hub71, Abu Dhabi’s global tech ecosystem, will grow its community by 102% to over 200 startups by 2022, with 51 new early-stage companies relocating to the UAE capital for exponential growth.
Together, Hub71’s on-board startups have raised nearly AED4.5 billion (US$1.2 billion) in venture capital by the end of 2022 and have created more than 900 jobs since inception.
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.
Hub71 marks a year of impact with more than 200 startups raising almost AED4.5 billion globally from Abu Dhabi.
In 2022, Hub71 expands its initiatives to attract global tech start-ups to Abu Dhabi and enter the market, reaching a growing number of investors ranging from over 30 venture capital (VC) firms to family offices and business partners.
As the country becomes an entrepreneurial nation by 2031, Hub71’s work is driving the continued diversification of Abu Dhabi’s economy and technological advancement in the UAE.
Hub71 has released its 2022 Impact Report, Gaining Traction, Driving Impact, which can be downloaded 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 the growth of numerous successful startups and technology 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.”
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 .”
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 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 increased by 102%, with nearly one-third coming from partner referrals.
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 flows 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 Founders and entrepreneurs than and internationally.
Hub71 is Abu Dhabi’s global tech ecosystem, enabling founders to build globally durable homegrown tech in any sector by providing access to global markets, an ecosystem of capital, a global network of partners, and a vibrant community of highly skilled talent Company, regulated by forward-looking management-thinking.
With the support of the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech start-ups, investors, government and corporate partners to secure public and private sector investment, business activity and incentives Availability of measures.
Through Hub71’s entrepreneurial infrastructure, value-added programs, support services and enablement packages, founders can build and scale widely adopted technologies with purpose and impact. Hub71’s mission is to bring new ideas and technologies to Abu Dhabi, finding new ways to build enduring global technology companies and sustain the country’s continued economic development.
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