Hub71, Abu Dhabi’s global tech ecosystem, increased its community by 102 percent to more than 200 startups in 2022 with 51 new early-stage companies relocating to the UAE’s capital to scale exponentially. By the end of 2022, Hub71 had onboarded startups that have raised almost 4.5 billion dirhams ($1.2 billion) collectively in venture capital and created more than 900 jobs since its inception. In a year dedicated to driving impact for startups and Abu Dhabi, Hub71 facilitated 41 POCs for corporate partners valued at 160 million dirhams ($ 43.5 million) and enabled founders to save 81 million dirhams ($22 million) in costs through its Incentive Program.
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.
Badr Al-Olama, Acting Chief Executive Officer of Hub71, said: “Abu Dhabi has arrived at the intersection of transformation and innovation. 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 a transformational impact across multiple sectors.”
Read more: UAE’s Hub71 continues mission to empower tech startups
Characterizing 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 program. Nine of the 51 startups onboarded by Hub71 in 2022 raised more than 36.7 million dirhams ($10 million) in funding each, reflecting 575 million dirhams ($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.
For his part, 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.”
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