Abu Dhabi's global tech ecosystem, Hub71, has reported impressive numbers for 2022. Startups onboarded by the platform raised almost AED4 billion ($1 billion) collectively in venture capital by the end of 2022, creating over 900 jobs in the process.
Hub71 also increased its community by 102%, welcoming over 200 startups and 51 new early-stage companies to scale their operations in Abu Dhabi. Hub71's investors include Mubadala Investment Company, over 30 VC firms, family offices, and commercial partners.
Nine of the 51 startups onboarded in 2022 raised more than AED36.7 million ($10 million) each, collectively raising AED575 million ($156.7 million). The startup ecosystem has contributed up to AED400 million to Abu Dhabi's economy.
In 2023, Hub71 plans to expand its reach by launching Hub71+ specialist ecosystems dedicated to unlocking the potential of technologies including Digital Assets, ClimateTech, and BioTech. The platform is also diversifying the capital pool to increase investment flows to startup founders.
Hub71 is looking to elevate its presence on the global stage, forging mutually beneficial cross-border partnerships for the benefit of founders and entrepreneurs in Abu Dhabi and internationally.