Hub71 Drives Record Growth in 2024, Boosting Tech Investment UAE
Hub71, Abu Dhabi's global tech ecosystem, has published its 2024 Impact Report, highlighting a year of major growth and international momentum. The ecosystem continues to strengthen Abu Dhabi's position as a center for innovation, entrepreneurship, and tech investment UAE.
In 2024, Hub71 startups raised $2.17 billion (AED 8.02 billion), up 44.7% from 2023. This increase reflects strong investor confidence in Abu Dhabi's innovation economy. Startup revenue also rose to $1.2 billion (AED 4.5 billion), showing steady commercial success.
Applications to join Hub71 surpassed 3,100, with founders from over 20 countries. Notably, more than 70% of startups selected were international, with strong representation from the US, UK, and Germany. Hub71's global reach continues to grow.
According to the 2024 Global Startup Ecosystem Report, Abu Dhabi is the fastest-growing emerging startup ecosystem in MENA. Its value rose 28% to $4.2 billion. Hub71's sector-specific focus, through programs like Hub71+ Digital Assets, ClimateTech, and AI, played a key role.
Partnerships with tech leaders such as Google, NVIDIA, and AWS are also accelerating growth. Startups in the Digital Assets program alone raised over $100 million, strengthening Abu Dhabi's technology leadership.
Capital access remains a priority. In 2024, Hub71's partners deployed $65 million (AED 238 million) into the ecosystem. New investors such as Princeville Capital and Golden Gate Ventures joined. In addition, Tech Barza, Hub71's capital club, closed its first deal and grew membership by 10%.
To further support early-stage startups, Hub71 launched an Angel Investor Support Package. This initiative helped activate five new angel networks, boosting startup scalability in Abu Dhabi.
Meanwhile, strategic partnerships helped startups gain market access. In 2024, Hub71 startups signed 91 corporate deals worth $28 million (AED 103 million) with government and private sector players. Programs like the Regulatory Sandbox allowed startups to pilot solutions in smart mobility, digital health, and food innovation.
Despite a changing funding environment, Hub71 startups attracted major investments. FinTech startup FlapKap raised $34 million (AED 124.7 million). ClimateTech innovator 44.01 secured $37 million (AED 135.7 million) to expand its carbon capture technology. HealthTech startup BioSapien closed $5.5 million (AED 20 million) to advance its cancer treatment implant.
Today, Hub71 is home to a growing community of founders focused on solving global challenges. With strong access to capital, strategic partners, and specialist programs, Hub71 is helping Abu Dhabi's innovation economy thrive.
Hub71's 2024 Impact Report confirms its role as a major driver of tech investment UAE and highlights its contribution to shaping the future of global technology.
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