(MENAFN- Emirates News Agency (WAM))
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, Driving Impact', available to download here .
Badr Al-Olama, Acting Chief Executive Officer of Hub71, said,“Abu Dhabi has arrived at the intersection of transformation and innovation. Hub71 is the driving force behind the growth of so many successful start-ups and technology companies pushing boundaries in more than 20 sectors. By the end of 2022, our start-ups raised more than AED4 billion. With this achievement, we are now solidifying the impact we generate on a global scale by doubling down on breakthrough technologies poised to make transformational impact across multiple sectors.”
From January to December 2022, Hub71's Impact Report shares data, insights, success stories and developments from in and around Abu Dhabi's tech start-up community. The year saw Hub71 surpass 200 start-ups for the first time, initiate fundraising roadshows, launch Tech Barza – an exclusive capital club for family offices and expand Ventures Lab, the Venture Building programme. Nine of the 51 start-ups onboarded by Hub71 in 2022 raised more than AED36.7 million ($10 million) in funding each, collectively reflecting AED575 million ($156.7 million). 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. Applications to join Hub71 grew 102 per cent cohort-on-cohort, with almost a third sourced by partner referrals.
Ahmad Ali Alwan, Deputy CEO of Hub71, stated,“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 start-ups to grow and scale. As we continue our pursuit of building homegrown unicorns, our 2022 impact results reinforce that Hub71 is a platform that champions innovation among start-ups and technology companies while supporting the nation's knowledge-based economy and its transformation.”
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. The tech ecosystem is diversifying the capital pool to increase investment flows to start-up founders. It 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.