Fintech Ecosystems Middle East & Africa

Startups onboarded to Hub71, Abu Dhabi’s global tech ecosystem, have raised $1billion venture capital collectively since its launch in 2019.

Nine startups onboarded by Hub71 this year have raised more than $10million in funding each, including Axiom, a startup that helps companies monitor and analyse data.

Badr Al-Olama, acting CEO of Hub71, said: “A true sign of a quality startup is a founder’s proven ability to raise capital from high profile investors. As the startups we’ve onboarded at Hub71 have raised $1billion collectively, our community is increasingly accelerating deal flow and reinforcing Abu Dhabi’s stature as a top investment destination for startups at all stages.

“We are setting the tone for 2023 and remain committed to helping our founders create global impact from our ecosystem.”

Hub71 has built a diverse capital ecosystem of active investment partners ranging from Mubadala Investment Company to over 30 VC firms as well as family offices. It offers a wide range of programmes including, Incentives, Corporate Engagement, Accelerators, and Global upskilling content.

The benefits for investors partnered with Hub71 include the ability to refer portfolio companies with high potential to Abu Dhabi’s growing startup community. In the latest cohort, 200 applicants (28.8 per cent) were referrals from VC firms, reinforcing the trust placed by general partners in Hub71 and its ability to accelerate the growth of startups and technology companies.

This year, the ecosystem has onboarded 53 high growth technology companies. Nine startups onboarded in 2022 that have raised more than $10million also include payment operations platform BridgerPay and fintech Thndr.

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