Hub71 marks year of impact with over 200 start-ups that raised almost AED4.5 billion globally from Abu Dhabi

Hub71 marks year of impact with over 200 start-ups that raised almost AED4.5 billion globally from Abu Dhabi

ABU DHABI, 23rd March, 2023 (WAM) – In 2022, Hub71, Abu Dhabi's global tech ecosystem, experienced a remarkable 102% growth in its community, with more than 200 start-ups joining its ranks, including 51 early-stage companies relocating to the UAE's capital to scale their businesses rapidly. Since its inception, these start-ups have collectively raised nearly AED4.5 billion (US$1.2 billion) in venture capital and created over 900 jobs.

Hub71's focus on driving impact for start-ups and Abu Dhabi has led to the facilitation of 41 POCs (proofs of concept) for corporate partners, which were valued at AED160 million ($43.5 million) by the end of 2022. Additionally, the ecosystem's incentive program helped founders save AED81 million ($22 million) in costs, contributing to their success and growth.

Furthermore, Hub71 expanded its initiatives designed to attract tech start-ups worldwide to Abu Dhabi and give them access to a growing pool of investors, including more than 30 VC firms, family offices, and commercial partners. By supporting the growth of tech start-ups, Hub71 is enabling the continued economic diversification of Abu Dhabi and driving technological advancements in the UAE as it moves towards its goal of becoming an Entrepreneurial Nation by 2031.

Hub71 published its 2022 Impact Report ‘Gaining Traction,