TLDR:
- Hub71 in Abu Dhabi’s global tech ecosystem saw startups raise $1.5 billion in 2023.
- The region’s tech ecosystem focused on priority sectors and launched specialist ecosystems for Web3, digital assets, and ClimateTech.
In 2023, Hub71, Abu Dhabi’s global tech ecosystem, attracted over 260 startups that collectively raised approximately $1.5 billion in venture capital. These startups created over 1100 jobs in the emirate and generated over $1 billion in revenue. Hub71 advanced priority sectors aligned with Abu Dhabi’s economic goals and tackled global challenges by launching specialist ecosystems for Web3, digital assets, and ClimateTech.
The tech ecosystem collaborated with New Energy Nexus and Elixir Capital to operate programs supporting clean energy entrepreneurs and digital assets ventures, respectively. It also introduced new program names – Initiate, Access, and Bright – to support startups at different stages of growth. ‘Initiate’ aims to develop new tech startups, ‘Access’ provides support for startups at Seed to Series-A stage, and ‘Bright’ helps high-performing startups continue their growth journey globally.
In 2024, Hub71 plans to expand its Hub71+ specialist ecosystems dedicated to advancing technologies in priority sectors. It will focus on enabling the capital ecosystem and supporting startups in pursuing international growth through cross-border partnerships. By nurturing the startup economy and fostering a conducive environment for global tech companies to scale, Hub71 aims to solidify Abu Dhabi’s position as a hub of entrepreneurial innovation.
