Startups onboarded since 2019 have raised US$1 billion (almost AED 4 billion) collectively in venture capital, reinforcing increasing quality of startups choosing Abu Dhabi for global growth
· Nine startups had raised over US$150 million collectively at the time of joining Abu Dhabi’s global tech ecosystem in 2022, having raised more than US$10 million each
· Axiom, part of latest cohort, had raised over US$25 million, the highest of any startup onboarded in 2022
· 44.01, a CleanTech startup and Earthshot Prize Winner, had raised US$16.2 million at the time of joining the tech ecosystem in latest cohort
Abu Dhabi, UAE – 12 December 2022: Hub71, Abu Dhabi’s global tech ecosystem, today announces it has onboarded startups to its community that have raised US$1 billion (AED 3.7 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 (AED 36.7 million) in funding each, US$156.7 million (AED 575 million) collectively. This includes Axiom, a startup that helps companies monitor and analyze data, raised US$25 million (AED 93.6 million), the highest of any startup onboarded by Hub71 in 2022, and 257 per cent more than the highest amount raised by a startup joining Hub71 in 2021. Additionally, Earthshot Prize winner, 44.01, a carbon reduction company eliminating CO2 by transferring it into rock, had already raised US$16.2 million (AED 59.4 million) upon joining Hub71 within its latest cohort.
This follows 2021, in which the highest amount raised by a startup joining Hub71 was US$1.9 million (AED 7 million) and the average fundraise of startups joining the community amounted to US$463,000 (AED 1.7 million).
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 $1 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.”
Hub71 has built a diverse capital ecosystem of active investment partners ranging from Mubadala Investment Company to over 30 VC firms to family offices, giving startup founders various ways to access funding and investors the opportunity to increase deal flow.
The benefits for investors partnered with Hub71 include the ability to refer portfolio companies with high potential to Abu Dhabi’s growing startup community. In the latest cohort, 200 applicants (28.8 per cent) were referrals from VC firms, reinforcing the trust placed by general partners in Hub71 and its ability to accelerate the growth of startups and technology companies.
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 Program in 2022 have grown 100 per cent year-on-year, reflecting its growing appeal to gain access to incentives, structured programs, mentorship, talent and corporate and government partners in Abu Dhabi and leading tech markets globally.
About Hub71:
Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.
Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors. Through Hub71’s entrepreneurial infrastructure, value-add programs, enabling services and support packages, founders can build and scale widely adopted technologies with purpose and impact. Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation’s continuous economic development.
