Startups onboarded by Hub71, Abu Dhabi’s global tech ecosystem, raised almost AED4 billion ($1 billion) collectively by the end of 2022 in venture capital and have created more than 900 jobs since its inception.

The startup ecosystem increased its community by 102% to more than 200 startups in 2022 with 51 new early-stage companies relocating to the UAE’s capital to scale exponentially, according to Hub71's Impact Report that covered its activities from January to December 2022.

Hub71’s pool of investors range from Mubadala Investment Company to more than 30 VC firms to family offices and commercial partners.

Badr Al-Olama, Acting CEO of Hub71, said: “Having contributed up to AED400 million to Abu Dhabi's economy, we are now solidifying the impact we generate on a global scale by doubling down on our specialist ecosystems dedicated to breakthrough technologies that are poised to make game changing impact.”

Nine out 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.

2023 Roadmap

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.

According to the Impact Report, the tech ecosystem is diversifying the capital pool to increase flows of investment to startup founders.

Hub 71 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, the report noted.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@lseg.com)