In just a short period of three years since its launch in 2019, the startup community at Hub71 has raised over $1 billion (AED3.7 billion) in venture capital.
Abu Dhabi’s global tech ecosystem and startup incubator achieved the milestone in a year when it onboarded 53 high-growth technology companies, all with a proven track record of attracting large-scale investment from leading venture capital firms.
Last month, the centre announced that it had welcomed 21 new companies in the cohort this year, which grew its community to more than 200 startups.
This year, nine startups have raised a total of approximately $156.7 million (AED575 million) collectively, with each of them attracting funding of over $10 million (AED36.7 million).
This includes a record effort from Axiom, a startup that helps companies monitor and analyse data. In 2022, it raised $25 million (AED93.6 million), the highest of any startup onboarded by Hub71 and 257 percent more than the previous highest amount raised by a Hub71 company.
Additionally, 44.01, a carbon reduction company that is eliminating CO2 by transferring it into rock, had already raised $16.2 million (AED59.4 million). It was also named the Earthshot Prize winner.
In 2021, the highest amount raised by a Hub71 startup was $1.9 million (AED7 million) and the average fundraising amounted to $463,000 (AED1.7 million).
Badr Al-Olama, Acting Chief Executive Officer of Hub71, said: “A true sign of a quality startup is a founder’s 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 to over 30 VC firms to family offices, giving startup founders various ways to access funding and investors the opportunity to increase deal flow.
Applications to join Abu Dhabi’s global tech ecosystem through Hub71’s Incentive Program in 2022 have grown 100 percent year-on-year, reflecting its growing appeal.
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