Hub71 raises more than $50m for startups in two years

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News • 10 February, 2021

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Abu Dhabi’s global tech ecosystem, Hub71, raised Dh185 million ($50.4m) in capital for its community of startups since its launch in March 2019. It recorded year-on-year growth of 191 per cent, expanding its community from 35 to 102 startups.

Selected from over 2,100 applications, the new startups span 16 tech sectors and come from 21 countries, including for the first time, startups from Israel, South Korea, Czech Republic and Nigeria.

In response to Covid-19, the tech ecosystem prioritised the selection of fintech and healthtech companies in its last cohort, which accounted for 26 per cent and 15 per cent respectively.

The ecosystem offers an incentive programme to support businesses during their critical early stages by providing equity-free subsidised housing, health insurance and WeWork x Hub71 office space that makes relocating and setting up business in Abu Dhabi easier and more affordable. Its startup community now encompasses 209 tech founders from 43 countries, with 18 per cent women and 15 Emirati founders.

“Abu Dhabi’s global tech ecosystem has arrived and as world events have dictated, it’s at the right time and the right place. We have an unrelenting commitment to collaborate with our partners and enhance our technology hub, remaining steadfast in capturing more of the world’s top entrepreneurial talent to support their growth globally from a stable, safe, and open business environment. Now more than ever, we believe innovation and technology is our future and we will continue to support the growth of Hub71 from Abu Dhabi and beyond,” said Mohammed Ali Al Shorafa Al Hammadi, chairman of Hub71.

According to its first Impact Report released today, Hub71 filled its WeWork x Hub71 workspace in 2020 to 96 per cent capacity, with 65 per cent of startups at Seed Stage and 35 per cent at Emergent Stage. 

Hub71 alleviated the burden of its startups during the pandemic with a Covid-19 support package that covered the housing and office space rent of all its startups’ employees for several months.

“We set out to reach 100 startups by the end of 2020 and achieved it through hard work, perseverance and a clear vision to drive innovation and business growth. Reaching this milestone raises the bar higher for the next stage of our journey, and above all, further defines our fundamental role in giving entrepreneurs opportunities to transform industries and impact our future economy,” said Hanan Harhara Al Yafei, CEO of Hub71.

 

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