In 2024, Hub71, Abu Dhabi’s global tech ecosystem has attracted over 260 startups that raised AED 5.4 billion, approximately $1.5 billion collectively in venture capital. These startups created over 1100 jobs in the emirate and has generated over AED 3.5 billion, approximately $1 billion in revenue. Hub71 has been
Hub71 in 2023 has built on advancing priority sectors aligned with Abu Dhabi’s economic priorities and addressing global challenges. It launched two specialist ecosystems, Hub71+ Digital Assets, dedicated to unleashing the potential of Web3 and digital assets, and Hub71+ ClimateTech, launched during the 28th UN Climate Change Conference of the Parties (COP28) to advance the development of startups advancing sustainable technologies for a net zero future.
The region’s tech ecosystem had partnered with New Energy Nexus, an ecosystem of funds and accelerators supporting diverse clean energy entrepreneurs, as the programme operator of Hub71+ Climatetech. The Hub71+ Digital Assets has a specialist digital assets venture capital firm – Elixir Capital, as the programme operator.
In its first year, 16 startups were onboarded to Hub71+ Digital Assets. The specialist ecosystem also piloted the Sui Founder Hub71 Experience, hosted a 300-person digital assets community event and organized other partner-oriented gatherings.
Ahmad Ali Alwan, Chief Executive Officer of Hub71, said in a note share by Hub71, “Our focus is on creating a lasting impact for founders and the Abu Dhabi economy. The strong performance of Hub71 and the success of our thriving community over the past five years is a testament to the vision of our wise leadership in transforming Abu Dhabi into a leading tech startup ecosystem. In 2024, we are spearheading new programs and strategic initiatives to attract top talent and ensure startup founders receive unparalleled support through our partnerships, programs and initiatives. Hub71 continues honing a conducive environment for global tech companies to scale and succeed. By nurturing the startup economy, we will solidify Abu Dhabi’s position as a beacon of entrepreneurial innovation.”
Unveiled at Hub71’s annual Impact Event are the new names of its programs – Initiate, Access, and Bright – each curated to support startups at a specific stage of their growth lifecycle.
‘Initiate’ compromises sector-specific venture builders to develop new tech startups. The programme aims to onboard more venture builders to support founders with viable ideas to validate products, and establish product-market-fit, turning ideas into successful businesses. Once successful startups graduate from Initiate, they are eligible to join the next program, Access.
‘Access’ is the new name of Hub71’s recently revamped Company Building Program, where startups at Seed to Series-A receive comprehensive support packages including AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity. In addition, high-performing startups can receive a top-up of up to AED 250,000 in exchange for additional equity after one year.
Startups that join Access enter a vibrant entrepreneurial community where founders can benefit from an extensive network of over 160 corporations, investment partners, and government entities, unlocking the advantages of Abu Dhabi’s marketplace designed to nurture the potential of high-growth companies.
‘Bright’ is Hub71’s new program, operated by ‘SG Hypergrowth’, for high-performing startups from the Access program to continue their growth journey from Abu Dhabi to the world. Hub71 identifies Bright startups based on specific criteria and their long-term commitment to scaling out of Abu Dhabi. Startups in Bright benefit from an additional AED 750,000 from Hub71 in exchange for equity, expert mentorship, global expansion support, and fundraising support from leading investors, bolstering their position in their respective industries.
In 2024, Hub71 aims to expand the number of Hub71+ specialist ecosystems dedicated to advancing technologies in priority sectors where innovation has the greatest potential.
Hub71 will focus on enabling the capital ecosystem, in building a diverse pool of capital to help startups capture investment opportunities through initiatives like Tech Barza, Fundraising Roadshow, and VC Meets. Hub71 also supports startups to pursue international growth through cross-border partnerships, which are set to grow this year in markets including South Korea, Singapore, and Pakistan.
