UAE- Sharikat Mubasher: Abu Dhabi’s global tech ecosystem Hub71 attracted more than 260 startups that raised AED 5.4 billion collectively in venture capital over the past five years, a recent press release stated.
The value of funds raised by Hub71 startups, including recently onboarded Cohorts 12 and 13, rose by AED 900 million in 2023.
Hub71 startups created over 1,100 jobs in the emirate and achieved revenues worth AED 3.5 billion, concluding 118 corporate deals in the past two years valued at AED 658 million.
In 2023, Hub71 onboarded 38 startups to its community and received 2,781 applications, marking a 100% increase in the global number of applications for Hub71 programs compared to 2022.
Hub71 facilitated commercial deals for startups, which resulted in 77 deals signed with corporates in 2023 worth AED 494 million. 42% of these deals were signed with Hub71 partners valued at AED 150 million.
Ahmad Ali Alwan, CEO of Hub71, commented: “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.”
Alwan added that Hub71’s plans for 2024 include spearheading new programs and strategic initiatives to attract top talent and ensure startup founders receive unparalleled support through Hub71’s partnerships, programs, and initiatives
Hub71 also aspires to expand the number of Hub71+ specialist ecosystems dedicated to advancing technologies in priority sectors where innovation has the greatest potential
