Hub71, Abu Dhabi’s international tech ecosystem, elevated its neighborhood by 102 per cent to greater than 200 startups in 2022. Fifty-one new early-stage corporations relocated to the UAE’s capital to scale exponentially. By the top of 2022, Hub71 had onboarded startups which have raised nearly AED 4.5 billion ($1.2billion) collectively in enterprise capital and created greater than 900 jobs since its inception.
In a yr devoted to driving impression for startups and Abu Dhabi, Hub71 facilitated 41 POCs for company companions valued at AED 160 million ($43.5million). It additionally enabled founders to avoid wasting AED 81 million ($22million) in prices by means of its Incentive Program.
In 2022, Hub71 expanded its vary of initiatives designed to draw tech startups worldwide to Abu Dhabi. It wished to interrupt into the market with entry to a rising pool of buyers starting from over 30 VC corporations to household workplaces and industrial companions. The work of Hub71 is enabling the continued financial diversification of Abu Dhabi and technological developments within the UAE because the nation progresses to develop into an Entrepreneurial Nation by 2031.
Badr Al-Olama, appearing chief govt officer of Hub71, mentioned: “Abu Dhabi has arrived on the intersection of transformation and innovation. Hub71 is the driving drive behind the expansion of so many profitable startups and know-how corporations which might be pushing boundaries in additional than 20 sectors.
“By the top of 2022, our startups have raised greater than AED 4 billion. With this achievement, we are actually solidifying the impression we generate on a world scale by doubling down on breakthrough applied sciences which might be poised to make transformational impression throughout a number of sectors.”
Characterising Abu Dhabi’s tech ecosystem
Masking the interval from January to December 2022, Hub71’s Influence Report shares knowledge, insights, and success tales in Abu Dhabi. It additionally covers developments from in and round Abu Dhabi’s tech startup neighborhood.
The yr noticed Hub71 surpass 200 startups for the primary time and provoke fundraising roadshows. It launched Tech Barza – an unique capital membership for household workplaces and expanded Ventures Lab, the enterprise constructing program. 9 of the 51 startups onboarded by Hub71 in 2022 raised greater than AED 36.7 million ($10million) in funding every. This totals AED 575 million ($156.7million) collectively.
Its numerous entrepreneurial neighborhood has 48 nationalities represented and the businesses scaling from Hub71 are current in additional than 20 sectors resembling climatetech, fintech, healthtech, and edtech. Purposes to hitch Hub71 grew 102 per cent cohort-on-cohort. Nearly a 3rd have been sourced by referrals from companions.
Ahmad Ali Alwan, deputy CEO of Hub71, commented: “Like within the years previous, our prime focus stays on producing impression. Our Influence Report presents the expansion and strategic improvement of Abu Dhabi as a world know-how ecosystem that permits startups to develop and scale.
“As we proceed our pursuit of constructing homegrown unicorns, our 2022 impression outcomes reinforce that Hub71 is a platform that champions innovation amongst startups and know-how corporations whereas supporting the nation’s knowledge-based financial system and its transformation.”
In 2023, Hub71 is broadening its attain into particular know-how subsectors by launching Hub71+ specialist ecosystems devoted to unlocking the potential of applied sciences together with digital property, climatetech and biotech.
The tech ecosystem is diversifying the capital pool to extend flows of funding to startup founders and is elevating its presence on the worldwide stage, capturing alternatives to create worth and mutually helpful cross-border partnerships for the good thing about founders and entrepreneurs in Abu Dhabi and internationally.
