UAE-based Hub71 leads AED 1.5B investments for Abu Dhabi startups
The aggregate valuation of Hub71 startups soared to AED 5.87 billion, with close to 1,000 jobs created since its inception in 2019, demonstrating the impact of a thriving technology community in the UAE’s capital city.
Abu Dhabi’s global tech ecosystem Hub71 on Friday said its startup community ramped up about AED 1.5 billion of investments since inception. In 2021, it secured AED 30 million through over 20 corporate deals during the year.
As per an official statement, the aggregate valuation of Hub71 startups soared to AED 5.87 billion, with close to 1,000 jobs created since its inception in 2019, demonstrating the impact of a thriving technology community in the UAE’s capital city.
His Excellency Mohammed Ali Al Shorafa Al Hammadi, Chairman of Hub71, said,
“Following Hub71’s 191 percent startup growth in 2020, Abu Dhabi has emerged stronger as a technological and innovative economy characterised by progress. Entrepreneurship will be a key cornerstone of a sustainable economy, and if the quality of Hub71’s founders are anything to go by, we have every confidence the tech ecosystem will continue to attract long-term investment, international partnerships, and companies exceeding the one-billion-dollar valuation mark."
He added, “As we work toward achieving the UAE’s ambition of becoming an entrepreneurial nation by 2031, Hub71’s strong performance in 2021 exemplifies the enabling business environment we have established in Abu Dhabi.”
Backed by Mubadala, Hub71 has expanded its strategic partnerships and value-creation programmes to enable disruptive startups to grow and accelerate their journeys to becoming multi-billion dollar companies.
Hub71 published its 2021 Impact Report, highlighting growth and success stories emerging from its community of over 100 startups — from 25 nations across 18 diverse sectors, ranging from fintech, robotics, AI, and big data to healthtech, agritech, and cybersecurity — over the past year.
Badr Al-Olama, Acting CEO of Hub71, said,
“At Hub71, we partner with founders who are scaling the leading businesses of tomorrow that are inspiring new ways to advance sectors and influence how we do things. Impact has been our number one aim, and we are firmly committed to it as our community contributes to the UAE’s next 50 years as a catalyst for growth, transformation, and disruption.”
To position Abu Dhabi as a leading tech hub, Hub71 has connected founders with investors and funds and contributed AED 36 million through its various initiatives to ease their startup journey.
Startups at Hub71 closed 32 funding rounds, where companies such as Trella closed an AED 154 million Series A funding round. In fact, cryptocurrency platform BitOasis, along with blockchain-based financial infrastructure company Securrency, raised AED 110 million in Series B rounds each to fund their expansion across the UAE and the region.
Hub71 has implemented seven proof of concepts (POCs) and signed three-multi million-dirham deals through its The Outliers programme, which seeks innovative solutions to challenges set by corporate and government partners.
To solidify its impact in 2022, Hub71 will continue supporting entrepreneurs and investors with a series of new initiatives, programmes, and partnerships that will foster the tech innovation ecosystem in Abu Dhabi.
Edited by Suman Singh