Hub71 has announced that its startup community has raised $1 billion (AED3.7 billion) in venture capital collectively since its launch in 2019.
The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies each with a proven track record of attracting large-scale investment from leading venture capital firms. Nine startups onboarded by Hub71 this year have raised more than US$10 million (AED36.7 million) in funding each, US$156.7 million (AED575 million) collectively.
Badr Al-Olama, Acting Chief Executive Officer of Hub71, said, “A true sign of a quality startup is a founder’s proven ability to raise capital from high profile investors. As the startups we’ve onboarded at Hub71 have raised $one billion collectively, our community is increasingly accelerating deal flow and reinforcing Abu Dhabi’s stature as a top investment destination for startups at all stages. We are setting the tone for 2023 and remain committed to helping our founders create global impact from our ecosystem.”
In 2022, Hub71’s vibrant community surpassed 200 startups following the onboarding of 21 startups in its third cohort of the year. Applications to join Abu Dhabi’s global tech ecosystem through Hub71’s Incentive Programme in 2022 have grown 100 per cent year-on-year, reflecting its growing appeal to gain access to incentives, structured programmes, mentorship, talent and corporate and government partners in Abu Dhabi and leading tech markets globally.
