ABU DHABI, 12 December 2022 (WAM) — Hub71, Abu Dhabi’s global technology ecosystem, today raised a total of US$1 billion (AED3.7 billion) in venture capital since its launch in 2019 by the startup community announced that
This milestone comes in a year in which Hub71 joined 53 high-growth technology companies, each with a track record of attracting significant investment from leading venture capital firms.
The nine startups that participated in Hub71 this year raised more than US$10 million (AED36.7 million) each, for a total of US$156.7 million (AED575 million). This includes Axiom, a startup that helps companies monitor and analyze data, which has raised US$25 million (AED 93.6 million). This is the highest amount for a startup to be onboarded by Hub71 in 2022 and 257% higher than the highest amount raised by a startup joining Hub71. In addition, Earthshot Prize winner 44.01 is a carbon reduction company that removes CO2 by converting CO2 into rock, and in the latest cohort he joined Hub71, which already earned him US$16.2 million ( AED59.4 million) was procured.
This follows the highest amount raised by a startup joining Hub71 in 2021 at $1.9 million (AED7 million) and the average amount of startups joining the community reaching $463,000 (AED1.7 million). increase.
Badr Al-Olama, Acting Chief Executive Officer of Hub71 said: The community is accelerating the flow of deals as Hub71-participating startups raise a total of $1 billion, reinforcing Abu Dhabi’s position as a premier investment destination for startups of all stages. We are setting his direction for 2023 and remain committed to helping the founder create global impact from the ecosystem. ”
Hub71 has built a diverse capital ecosystem of active investment partners, from Mubadala Investment Company to over 30 VC firms and family offices, providing startup founders with multiple avenues to raise capital. , offering investors the opportunity to increase their trading flow.
Benefits for investors who partner with Hub71 include the introduction of high potential investee companies to Abu Dhabi’s growing startup community. In the latest cohort, 200 applicants (28.8%) were referrals from his VC firm, reinforcing Hub71’s general partner trust and ability to accelerate the growth of startups and technology companies.
In 2022, Hub71’s vibrant community surpassed 200 startups after onboarding 21 startups in its third cohort this year. Applications to join Abu Dhabi’s global technology ecosystem in 2022 through Hub71’s Incentives Program are increasingly attractive to gain access to Abu Dhabi’s incentives, structured programs, mentorships, talent, corporate and government partners increased by 100% year-on-year, reflecting The world’s leading technology market.
