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Al Etihad
24-04-2025
- Business
- Al Etihad
Hub71 startups raised Dh8.02 billion in funding in 2024
25 Apr 2025 00:30 MAYS IBRAHIM (ABU DHABI)Hub71's startups have raised a cumulative Dh8.02 billion in funding and generated Dh4.5 billion in revenue in 2024, according to its 2024 Impact Report. The latest funding figure marks a 44.7% year-on-year increase from Dh5.4 billion in 2023, demonstrating strong investor confidence in Abu Dhabi's innovation economy. The revenues, which were up from Dh3.5 billion the previous year, reflected the sustained commercial traction across priority ecosystem is home to 371 startups spanning 24 sectors, of which 276 are onboarded in its programmes. Its community is notably diverse, with founders representing 60 nationalities and 67 female entrepreneurs actively contributing to the innovation capital pipeline into the ecosystem remains strong, with Dh1.2 billion raised via Hub71's venture capital partners and affiliates, and Dh948 million sourced from Abu Dhabi-based growth is underpinned by 106 partners – comprising 57 fund partners and 49 family offices – working collaboratively to fuel the UAE's innovation 2024 alone, 91 corporate deals worth Dh103 million were signed through 33 market partners. Specialist verticals are gaining momentum as well: Hub71 now hosts 29 Digital Assets startups and 26 ClimateTech startups under its 'Hub71+ Specialist Ecosystems' initiative. These sector-specific ecosystems are part of the broader mission to align with Abu Dhabi's economic vision and develop focused tech ecosystem's collaborative infrastructure continues to mature, with 23 government entities and 10 talent partners supporting growth across key CEO Ahmad Ali Alwan attributed much of Hub71's success to its collaborative model and regulatory agility'Our real value as Hub 71 is through the network of partners or through the network of opportunity we offer them through our partners, through access to capital, access to talent, access to market, and a great business and regulatory environment. And to that end, our partnerships continue to grow,' he said during a media roundtable hosted on Thursday to mark the report's 2024, 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. Looking ahead to 2025, Hub71's top priority will be strengthening Abu Dhabi's value proposition as a tech hub – through regulatory ease, faster market access, and an ever-growing network of partners, Alwan told Aletihad . 'Our focus continues to be largely in line with what started the mission; it's to continue creating an environment where we'll see globally enduring tech companies continue to thrive and scale out of Abu Abou Hachem, Head of Growth and Strategy, highlighted the deliberate push into sector-focused ecosystems. He described the success of Hub71+ Digital Assets, launched in 2022, as a key milestone: over 1,000 startups applied to join, making it Hub71's most popular funnel. This vertical attracted interest from major international players due to its alignment with ADGM's regulatory had also launched Hub71+ ClimateTech in conjunction with COP28 to provide a unified platform for green innovation by bringing together entities like ADNOC, ADIO, and UN Capital under a single AI revolution also catalyzed another major expansion in 2024: Hub71+ AI. Backed by powerhouses such as Google, NVIDIA, AWS, and Core42, this initiative aims to make Abu Dhabi a top global destination for AI AlBadi AlDhaheri, Head of Value Creation, detailed how Hub71 is enabling startups to scale globally through tailored support. In 2024, capital partners invested Dh238 million into startups, including new funds aligned with ClimateTech. Tech Barza, Hub71's private capital club, expanded by 10%, and the new angel investor package supported eight startups with early-stage market access, over 70 curated meetings were held between startups and top corporates such as FAB, ADNOC, Siemens Energy, and Bayer. Collaborations with entities like Emirates Development Bank and Abu Dhabi Islamic Bank are helping fintechs and Emirati founders gain traction both locally and also noted that Hub71 is a key player in leading the regulatory sandbox initiative, in collaboration with ITC, ADAFSA, enabling 11 startups to test their technologies in a controlled environment and navigate it through compliance Al Kaabi, Head of Operations and Corporate Services, shared Hub71 startups success stories from 2024, including a deal involving 44.01, which secured $37 million in Series A funding led by Sharouf Funnels, alongside Amazon's Climate Pledge Fund and Equinox Ventures. Meanwhile, Fuse and Bit2Me have teamed up to enhance their digital infrastructure, facilitating the adoption of their solution across multiple marketplaces. Fuse, which primarily operates in the MENA region, and Bit2Me, based in Latin America, are now collaborating to expand their reach into both markets, Al Kaabi explained.
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.
