Latest news with #2024GlobalStartupEcosystemReport
TECHx
26-04-2025
- Business
- TECHx
Hub71 Drives Record Growth in 2024, Boosting Tech Investment UAE
Home » Startups » 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.
Khaleej Times
24-04-2025
- Business
- Khaleej Times
Hub71 records $2.17 billion in startup funding as Abu Dhabi rises among global tech hubs
Hub71, Abu Dhabi's global tech ecosystem, on Thursday announced that in 2024, startups within its purview secured a record $2.17 billion (Dh8.02 billion) in funding; a 44.7% year-on-year increase from $1.5 billion in 2023. Revenue generated by startups also climbed to $1.2 billion, up from $1 billion the previous year. During the year, Hub71 received over 3,100 applications from entrepreneurs representing more than 20 countries, highlighting the growing global appetite to build from the UAE capital. Of the 46 startups selected, approximately over 70% came from international markets, with more than half in the Seed or Series A stages. Startups from the US, UK and Germany, made up nearly 63% of Cohort 16, cementing the city's reputation as a gateway between established tech hubs and high-growth emerging markets. Ahmad Ali Alwan, chief executive officer of Hub71, said: 'Hub71 began as an ambitious idea to enable founders to build from Abu Dhabi. That idea has since grown into a thriving community of entrepreneurs, investors, and partners working together to drive lasting impact. The progress captured in this report reflects the strength of our ecosystem and the trust placed in us by those who believe in Abu Dhabi's long-term potential. As we look ahead, our focus remains on empowering founders and positioning Abu Dhabi as a global hub for technology and innovation.' Hub71's momentum mirrors Abu Dhabi's growing status on the global startup map. According to the 2024 Global Startup Ecosystem Report, the emirate is the fastest-growing emerging startup ecosystem in Mena, with its ecosystem value rising 28% to $4.2 billion between mid-2021 and end-2023. StartupBlink's 2024 rankings placed Abu Dhabi sixth regionally and second in the UAE, reinforcing its rising global profile. Much of this rapid growth has been fueled by Hub71, which is driving sector-wide transformation through its specialist ecosystems. Hub71+ Digital Assets, Hub71+ ClimateTech, and the newly launched Hub71+ AI are attracting startups that are developing impactful solutions to some of the world's most pressing challenges. Startups in the Digital Assets programme alone have raised more than $100 million, while partnerships with global tech leaders like Google, NVIDIA, Solana, Hashed and AWS are accelerating innovation across Web3, AI, renewable energy, and deep tech. This sector-driven approach is also contributing to the development of Abu Dhabi's strategic economic clusters. From enabling breakthroughs in smart mobility through the SAVI cluster, to advancing sustainable agriculture and food security via the AGWA cluster, Hub71 is playing an active role in positioning Abu Dhabi as a global center for innovation across critical industries. Funding networks expand, angel capital activates Capital access remains a central pillar of Hub71's strategy. In 2024, capital partners deployed $65 million into its startup community. The global tech ecosystem welcomed new investors, including Princeville Capital, The Catalyst, and Golden Gate Ventures. Meanwhile, Tech Barza, Hub71's exclusive capital club for family offices, recorded its first startup deal and a 10% increase in membership. To unlock early-stage capital, Hub71 launched the Angel Investor Support Package empowering five new angel networks, including Falcon Valley and Qora71, to facilitate more early-stage ticket investments, thereby accelerating the growth and scalability of startups within the Abu Dhabi ecosystem. Strategic partnerships Beyond funding, strategic partnerships remain a key pillar of Hub71's value proposition, playing a critical role in helping startups gain traction. In 2024, startups signed 91 corporate deals with government and private sector partners worth $28 million, accelerating their ability to scale and commercialize their solutions. Programmes like the Regulatory Sandbox, co-developed with the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi Mobility, and the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), enabled startups to pilot cutting-edge technologies in sectors such as smart mobility, digital health, food innovation, and alternative proteins. Startup successes In a year marked by an evolving funding environment, Hub71 startups captured investor attention with landmark raises that signal both global relevance and real-world impact. FinTech startup FlapKap, raised $34 million in pre-Series A funding to expand its AI-driven lending solutions across the GCC. ClimateTech pioneer 44.01 secured $37 million in Series A funding to scale its CO₂ mineralisation technology that transforms captured emissions into rock, contributing to global decarbonisation. Meanwhile, HealthTech innovator BioSapien closed a $5.5 million pre-Series A round to accelerate clinical trials of its MediChip, a 3D-printed implant that delivers localized cancer treatment with minimal side effects. Today, Hub71 is home to a vibrant community of founders building high-impact startups that address global challenges and unlock new markets; driven by access to capital, expert support and sector-specific expertise to attract top talent and fuel Abu Dhabi's innovation agenda.
Zawya
24-04-2025
- Business
- Zawya
Hub71 records $2.17bln in startup funding as Abu Dhabi rises among global tech hubs
Abu Dhabi – Hub71, Abu Dhabi's global tech ecosystem, released its 2024 Impact Report, marking a year of record-breaking growth, international recognition and strategic ecosystem expansion. Now in its sixth year, Hub71 continues to play a pivotal role in advancing innovation, while firmly establishing Abu Dhabi as a global destination for technology, investment and entrepreneurship. In 2024, Hub71 startups secured a record $2.17 billion (AED 8.02 billion) in funding; a 44.7% year-on-year increase from $1.5 billion (AED 5.4 billion) in 2023, demonstrating strong investor confidence in Abu Dhabi's innovation economy. Revenue generated by startups also climbed to $1.2 billion (AED 4.5 billion), up from $1 billion (AED 3.5 billion) the previous year, reflecting sustained commercial traction across priority sectors. During the year, Hub71 received over 3,100 applications from entrepreneurs representing more than 20 countries, highlighting the growing global appetite to build from the UAE capital. Of the 46 startups selected, approximately over 70% came from international markets, with more than half in the Seed or Series A stages. Startups from the US, UK and Germany, made up nearly 63% of Cohort 16, cementing the city's reputation as a gateway between established tech hubs and high-growth emerging markets. Ahmad Ali Alwan, Chief Executive Officer of Hub71, said: 'Hub71 began as an ambitious idea to enable founders to build from Abu Dhabi. That idea has since grown into a thriving community of entrepreneurs, investors, and partners working together to drive lasting impact. The progress captured in this report reflects the strength of our ecosystem and the trust placed in us by those who believe in Abu Dhabi's long-term potential. As we look ahead, our focus remains on empowering founders and positioning Abu Dhabi as a global hub for technology and innovation.' Fueling growth through deep sector focus Hub71's momentum mirrors Abu Dhabi's growing status on the global startup map. According to the 2024 Global Startup Ecosystem Report, the emirate is the fastest-growing emerging startup ecosystem in MENA, with its ecosystem value rising 28% to $4.2 billion between mid-2021 and end-2023. StartupBlink's 2024 rankings placed Abu Dhabi 6th regionally and 2nd in the UAE, reinforcing its rising global profile. Much of this rapid growth has been fueled by Hub71, which is driving sector-wide transformation through its specialist ecosystems. Hub71+ Digital Assets, Hub71+ ClimateTech, and the newly launched Hub71+ AI are attracting startups that are developing impactful solutions to some of the world's most pressing challenges. Startups in the Digital Assets programme alone have raised more than $100 million, while partnerships with global tech leaders like Google, NVIDIA, Solana, Hashed and AWS are accelerating innovation across Web3, AI, renewable energy, and deep tech. This sector-driven approach is also contributing to the development of Abu Dhabi's strategic economic clusters. From enabling breakthroughs in smart mobility through the SAVI cluster, to advancing sustainable agriculture and food security via the AGWA cluster, Hub71 is playing an active role in positioning Abu Dhabi as a global center for innovation across critical industries. Funding networks expand, angel capital activates Capital access remains a central pillar of Hub71's strategy. In 2024, capital partners deployed $65 million (AED 238 million) into its startup community. The global tech ecosystem welcomed new investors, including Princeville Capital, The Catalyst, and Golden Gate Ventures. Meanwhile, Tech Barza, Hub71's exclusive capital club for family offices, recorded its first startup deal and a 10% increase in membership. To unlock early-stage capital, Hub71 launched the Angel Investor Support Package empowering five new angel networks, including Falcon Valley and Qora71, to facilitate more early-stage ticket investments, thereby accelerating the growth and scalability of startups within the Abu Dhabi ecosystem. Unlocking market access through strategic partnerships Beyond funding, strategic partnerships remain a key pillar of Hub71's value proposition, playing a critical role in helping startups gain traction. In 2024, startups signed 91 corporate deals with government and private sector partners worth $28 million (AED 103 million), accelerating their ability to scale and commercialize their solutions. Programs like the Regulatory Sandbox, co-developed with the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi Mobility, and the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), enabled startups to pilot cutting-edge technologies in sectors such as smart mobility, digital health, food innovation, and alternative proteins. Startup successes: Scaling impact from Abu Dhabi In a year marked by an evolving funding environment, Hub71 startups captured investor attention with landmark raises that signal both global relevance and real-world impact. FinTech startup FlapKap, raised $34 million (AED 124.7 million) in pre-Series A funding to expand its AI-driven lending solutions across the GCC. ClimateTech pioneer 44.01 secured $37 million (AED 135.7 million) in Series A funding to scale its CO₂ mineralization technology that transforms captured emissions into rock, contributing to global decarbonization. Meanwhile, HealthTech innovator BioSapien closed a $5.5 million (AED 20 million) pre-Series A round to accelerate clinical trials of its MediChip™, a 3D-printed implant that delivers localized cancer treatment with minimal side effects. Today, Hub71 is home to a vibrant community of founders building high-impact startups that address global challenges and unlock new markets; driven by access to capital, expert support and sector-specific expertise to attract top talent and fuel Abu Dhabi's innovation agenda. About Hub71: Hub71 is Abu Dhabi's global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation. Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors. Through Hub71's entrepreneurial infrastructure, value-add programs, enabling services and support packages, founders can build and scale widely adopted technologies with purpose and impact. Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation's continuous economic development. For more information visit and follow us on @Hub71AD #Hub71. Media contacts: Zoe Saunders, TechHubEdelman@
