Hub71 startups raised Dh8.02 billion in funding in 2024
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 sectors.Hub71's 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 landscape.The 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 funds.This growth is underpinned by 106 partners – comprising 57 fund partners and 49 family offices – working collaboratively to fuel the UAE's innovation economy.In 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 clusters.The ecosystem's collaborative infrastructure continues to mature, with 23 government entities and 10 talent partners supporting growth across key sectors.Hub71 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 launch.In 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 Dhabi.Peter 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 framework.Hub71 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 initiative.The 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 development.Basma 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 funding.In 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 internationally.AlDhaheri 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 effectively.Hashem 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.
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