Hub71 Celebrates Five Years of Abu Dhabi Startup Growth

Hub71 Celebrates Five Years of Abu Dhabi Startup Growth 

Hub71, Abu Dhabi’s global tech ecosystem, has attracted over 260 startups that have collectively raised AED 5.4 billion (USD 1.5 billion) in venture capital. Hub71’s startup community has generated more than 1,100 jobs in Abu Dhabi and produced AED 3.5 billion (USD 1 billion) in revenue, with 118 corporate deals signed in the past two years valued at AED 658 million (USD 179 million). Presently, Hub71 startups represent 22 sectors led by over 320 founders from 54 nationalities who have established operations in Abu Dhabi to pursue further business growth and international scaling.

2023: A Memorable Year of Impact

Hub71 received 2781 applications in 2023, marking a 100 per cent increase in global applications for Hub71 programmes from the previous year and welcomed 38 startups to its community. The total value of funds raised by Hub71 startups, including recently onboarded Cohorts 12 and 13, increased by AED 900 million (USD 245 million) in 2023. Additionally, Hub71 facilitated 77 commercial deals for startups, totalling AED 494 million (USD 134 million). Among these deals, 42 per cent were signed with Hub71 partners, valued at AED 150 million (USD 41 million).

Building on Abu Dhabi’s Startup Ecosystem

In addition to advancing priority sectors aligned with Abu Dhabi’s economic objectives and addressing global challenges, Hub71 introduced two new specialist ecosystems: Hub71+ Digital Assets and Hub71+ ClimateTech. These initiatives aim to promote startups focused on Web3, digital assets, and sustainable technologies for a net-zero future. To support startups within these ecosystems, Hub71 partnered with New Energy Nexus (NEX) and Elixir Capital, providing resources, guidance, and funding opportunities.

Hub71 released its 2023 Impact Report, “Empowering Today, Impacting Tomorrow,” available for download.

Ahmad Ali Alwan, Chief Executive Officer of Hub71, emphasised the organisation’s commitment to creating a lasting impact on founders and the Abu Dhabi economy. He highlighted the success of Hub71's community over the past five years as a testament to Abu Dhabi’s transformation into a leading tech startup ecosystem. In 2024, Hub71 plans to introduce new programmes and strategic initiatives to attract top talent and provide unparalleled support to startup founders, solidifying Abu Dhabi's position as a beacon of entrepreneurial innovation.

Re-envisioned Programmes

Hub71 introduced new programme names – Initiate, Access, and Bright – tailored to support startups at different growth stages. Initiate focuses on developing new tech startups, Access offers support to startups at Seed to Series-A stage, and Bright helps high-performing startups transition from Abu Dhabi to global markets.

New Talent Strategy

To address the global tech talent shortage, Hub71 is collaborating with universities and organisations to create opportunities for students and graduates. The organisation is also looking beyond the UAE for promising talent and has issued 129 Golden Visas for Hub71 founders in 2023, granting long-term residency to innovators and their families.

In 2024, Hub71 aims to expand its specialist ecosystems and enable the capital ecosystem to help startups capture investment opportunities. The organisation will also support startups in pursuing international growth through cross-border partnerships in markets such as South Korea, Singapore, and Pakistan.

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