Abu Dhabi’s Hub71 startup community raises $1B in venture capital
Nine startups had raised over $150 million collectively at the time of joining Hub71 in 2022.
Abu Dhabi’s tech ecosystem has announced that its startups community has raised $1 billion (Dhs3.7 billion) in venture capital collectively since its launch in 2019.
The accomplishment was made in a year in which the ecosystem onboarded 53 high-growth technology businesses, each of which had demonstrated a history of attracting large-scale investments from venture capital firms, according to Gulf Business.
In 2022, Hub71 onboarded nine firms, which jointly raised more than $10 million (Dhs36.7 million) in funding each, and $156.7 million (Dhs575 million) collectively.
This follows 2021, in which the highest amount raised by a startup was $1.9 million (Dhs7 million) and the average fundraise of startups joining the community amounted to $463,000 (Dhs1.7 million).
Badr Al-Olama, the acting CEO 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.
In 2022, the community surpassed 200 startups following the onboarding of 21 startups in its third cohort of the year.
Edited by Megha Reddy