Saturday 25 June 2022 - 2:49:01 am

Hub71 leads AED1.5 billion investments for Abu Dhabi startups


ABU DHABI, 23rd March, 2022 (WAM) -- Hub71, Abu Dhabi’s global tech ecosystem, today announced that its startup community ramped up approximately AED 1.5 billion of investments since inception and secured AED 30 million in 2021 through over 20 corporate deals during the year.

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 impact of a thriving technology community in the UAE’s capital city.

Hub71 published its 2021 Impact Report, highlighting growth and success stories emerging from its community of more than 100 startups over the past year.

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 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.

"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. We aim to position technology companies for growth, and our priority remains to enable a flexible and favourable business environment that supports creative ideas and scales solutions to address society’s most pressing challenges."

For the period from January to December 2021, Hub71’s Impact Report provides insights into Abu Dhabi’s technology ecosystem and its impact on the wider community, economy and society. Hub71’s vibrant community boasts startups from 25 nations across 18 diverse sectors, ranging from FinTech, Robotics, AI & Big Data to HealthTech, AgTech and Cybersecurity.

As part of its mission to build a community of globally enduring tech companies and 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 the startup journey in Abu Dhabi. Startups at Hub71 closed 32 funding rounds in which companies such as Trella closed a AED 154 million Series-A funding round, and BitOasis, the cryptocurrency platform, along with Securrency, the blockchain-based financial infrastructure company, both raised AED 110 million in Series-B rounds to fund their expansion across the UAE and the region. Seven Proof of Concepts (POCs) have been successfully implemented and three-multimillion-dirham deals have been signed through Hub71’s The Outliers program, which seeks innovative solutions to challenges set by corporate and government partners.

Badr Al-Olama, Acting CEO of Hub71, commented, "Our Impact Report demonstrates how much progress Hub71 startups have achieved over the past year. Founders play an immense role in Abu Dhabi by defining the future of technology that is capturing the imagination of a city full of ambition. 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."

WAM/Amjad Saleh/Khoder Nashar