Hub71, Abu Dhabi’s global tech ecosystem, had onboarded over 200 startups that raised a whopping AED4.5 billion ($1.2 billion) collectively in venture capital (VC) and created more than 900 jobs by the end of 2022.
Hub71 thus increased its community 102% with 51 new early-stage companies relocating to the UAE’s capital to scale exponentially.
In a year dedicated to driving impact for startups and Abu Dhabi, Hub71 facilitated 41 POCs for corporate partners valued at AED160 million ($43.5 million) and enabled founders to save AED81 million ($22 million) in costs through its Incentive Programme.
In 2022, Hub71 expanded its range of initiatives designed to attract tech startups worldwide to Abu Dhabi and break into the market with access to a growing pool of investors ranging from over 30 VC firms to family offices and commercial partners.
The work of Hub71 is enabling the continued economic diversification of Abu Dhabi and technological advancements in the UAE as the nation progresses to become an Entrepreneurial Nation by 2031, said the venture, which published its 2022 Impact Report ‘Gaining Traction, Driving Impact’.
Badr Al-Olama, Acting Chief Executive Officer of Hub71, said: “Abu Dhabi has arrived at the intersection of transformation and innovation. Hub71 is the driving force behind the growth of so many successful startups and technology companies that are pushing boundaries in more than 20 sectors. By the end of 2022, our startups have raised more than AED4 billion. With this achievement, we are now solidifying the impact we generate on a global scale by doubling down on breakthrough technologies that are poised to make transformational impact across multiple sectors.”
Characterising Abu Dhabi’s tech ecosystem
Covering the period from January to December 2022, Hub71’s Impact Report shares data, insights, success stories and developments from in and around Abu Dhabi’s tech startup community. The year saw Hub71 surpass 200 startups for the first time, initiate fundraising roadshows, launch Tech Barza - an exclusive capital club for family offices and expand Ventures Lab, the Venture Building programme.
Nine of the 51 startups onboarded by Hub71 in 2022 raised more than AED36.7 million ($10 million) in funding each, reflecting AED575 million ($156.7 million) collectively. Its diverse entrepreneurial community has 48 nationalities represented and the companies scaling from Hub71 are present in more than 20 sectors such as ClimateTech, FinTech, HealthTech, and EdTech. Applications to join Hub71 grew 102% cohort-on-cohort with almost a third sourced by referrals from partners.
Ahmad Ali Alwan, Deputy CEO of Hub71, commented: “Like in the years past, our top focus remains on generating impact. Our Impact Report presents the growth and strategic development of Abu Dhabi as a global technology ecosystem that enables startups to grow and scale. As we continue our pursuit of building homegrown unicorns, our 2022 impact results reinforce that Hub71 is a platform that champions innovation among startups and technology companies while supporting the nation’s knowledge-based economy and its transformation.”
In 2023, Hub71 is broadening its reach into specific technology subsectors by launching Hub71+ specialist ecosystems dedicated to unlocking the potential of technologies including Digital Assets, ClimateTech and BioTech. The tech ecosystem is diversifying the capital pool to increase flows of investment to startup founders and is elevating its presence on the global stage, capturing opportunities to create value and mutually beneficial cross-border partnerships for the benefit of founders and entrepreneurs in Abu Dhabi and internationally.-- TradeArabia News Service