Hub71, Abu Dhabi’s global tech ecosystem, has released its Impact Report covering the activities from January to December 2022. According to the report, the startups onboarded by Hub71 have collectively raised almost AED4 billion ($1 billion) in venture capital and have created more than 900 jobs since its inception. The community of startups increased by 102% to more than 200 startups in 2022, with 51 new early-stage companies relocating to the UAE’s capital to scale exponentially.
Hub71’s pool of investors includes Mubadala Investment Company, more than 30 VC firms, family offices, and commercial partners. 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. The ecosystem has diversified the capital pool to increase flows of investment to startup founders.
Badr Al-Olama, Acting CEO of Hub71, said that they have contributed up to AED400 million to Abu Dhabi’s economy and are now solidifying the impact they generate on a global scale by doubling down on their specialist ecosystems dedicated to breakthrough technologies that are poised to make a game-changing impact.
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, Hub71 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.
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