Now in its sixth year, Hub71, the Abu Dhabi global tech ecosystem, has revealed in its latest report, that as of 2024, startups within its ecosystem recorded $2.17billion (AED8.02billion) in funding; a 44.7 per cent year-on-year increase from $1.5billion (AED5.4billion) in 2023.
The stats come from Hub71‘s 2024 impact report, Impactful Momentum, which analyses a variety of different topics, ranging from the biggest funding drivers in the region, Hub71’s impact, the biggest collaborations of the past year and more. The Fintech Times got the opportunity to attend the Hub71 media roundtable, reflecting on the ecosystem’s journey since its inception in 2019.
During the year, 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 per cent 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 per cent of Cohort 16, cementing the city’s reputation as a gateway between established tech hubs and high-growth emerging markets.
Revenue generated by startups climbed to $1.2billion (AED4.5billion), up from $1billion (AED3.5billion) the previous year, reflecting sustained commercial traction across priority sectors.
Reflecting on six years of success
Ahmad Ali Alwan, chief executive officer of Hub71, said: “Hub71 began as an ambitious idea to enable founders to build from Abu Dhabi. That idea has since grown into a thriving community of entrepreneurs, investors, and partners working together to drive lasting impact.
“The progress captured in this report reflects the strength of our ecosystem and the trust placed in us by those who believe in Abu Dhabi’s long-term potential. As we look ahead, our focus remains on empowering founders and positioning Abu Dhabi as a global hub for technology and innovation.”
At the roundtable, Ali Alwan further reflected on the journey Hub71 has been on and highlighted the main way in which it brings participants value: “Through our programme, we support international companies and give them every means to experience this wonderful emirate. We help them understand that its value lies in its access to the world through connectivity, in a safe and secure manner.
“I believe our real value at Hub71 is through our network of partners, and through the network of opportunity we offer participants through our partners, and access to capital, talent, and market, as well as a great business and regulatory environment.”‘
The impact of Hub71+ Digital Assets, Hub71+ ClimateTech, Hub71+ AI
Peter Abou Hachem, head of growth and strategy, Hub71 then explored how the ecosystem has evolved in the past two years as Hub71 has focused on building sector-specific ecosystems while ensuring everything is aligned with the wider Abu Dhabi economic vision. He delved into the success of the three sector-focused ecosystems Hub71 is currently focusing on: digital assets, climatetech and AI.
Startups in the Digital Assets programme alone have raised more than $100million, while partnerships with global tech leaders like Google, NVIDIA, Solana, Hashed and AWS are accelerating innovation across Web3, AI, renewable energy, and deep tech.
This sector-driven approach is also contributing to the development of Abu Dhabi’s strategic economic clusters. From enabling breakthroughs in smart mobility through the SAVI cluster, to advancing sustainable agriculture and food security via the AGWA cluster, Hub71 is playing an active role in positioning Abu Dhabi as a global centre for innovation across critical industries.
Additionally, Hub71’s momentum mirrors Abu Dhabi’s growing status on the global startup map. According to the 2024 Global Startup Ecosystem Report, the emirate is the fastest-growing emerging startup ecosystem in MENA, with its ecosystem value rising 28 per cent to $4.2billion between mid-2021 and end-2023.
Partnerships are a pillar of success
Strategic partnerships remain a key factor of Hub71’s value proposition, playing a critical role in helping startups gain traction. In 2024, startups signed 91 corporate deals with government and private sector partners worth $28million (AED103million), accelerating their ability to scale and commercialize their solutions.
Programmes like the Regulatory Sandbox, co-developed with the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi Mobility, and the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), enabled startups to pilot cutting-edge technologies in sectors such as smart mobility, digital health, food innovation, and alternative proteins.
At the roundtable, Abou Hachem highlighted the importance of partnerships, which Basma Ahmed AlBadi AlDhaheri, head of value creation, further explored. She commented: “Our mission here at Hub71 is clear: we are here to enable startups to scale globally. The way we do this is through the collaborations that we have with the various partners – whether it’s through capital access, market, corporate partners, government entities, or regulators – they enable the scalability, and growth of our startups. In 2024, our startups unlocked investments from our capital partners worth AED238million.”
Startup successes: Scaling impact from Abu Dhabi
In a year marked by an evolving funding environment, Hub71 startups captured investor attention with landmark raises that signal both global relevance and real-world impact. Fintech startup FlapKap, raised $34million (AED124.7million) in pre-Series A funding to expand its AI-driven lending solutions across the GCC.
Climatetech pioneer 44.01 secured $37million (AED135.7million) in Series A funding to scale its CO₂ mineralisation technology that transforms captured emissions into rock, contributing to global decarbonisation.
Meanwhile, healthtech innovator BioSapien closed a $5.5million (AED20million) pre-Series A round to accelerate clinical trials of its MediChip, a 3D-printed implant that delivers localised cancer treatment with minimal side effects.
Funding opporuntity
Capital access remains a central pillar of Hub71’s strategy. In 2024, capital partners deployed $65million (AED238million) into its startup community. The global tech ecosystem welcomed new investors, including Princeville Capital, The Catalyst, and Golden Gate Ventures.
Meanwhile, Tech Barza, Hub71’s exclusive capital club for family offices, recorded its first startup deal and a 10 per cent increase in membership. To unlock early-stage capital, Hub71 launched the Angel Investor Support Package empowering five new angel networks, including Falcon Valley and Qora71, to facilitate more early-stage ticket investments, thereby accelerating the growth and scalability of startups within the Abu Dhabi ecosystem.
What are the participants’ priorities? Funding vs access to market
During the media roundtable, the speakers got the opportunity to answer questions from those in attendance. With the region and ecosystem having a huge potential to fund organisations, The Fintech Times‘ CEO and editorial director, Mark Walker, enquired about how Hub71 was addressing the number of potential participants who are looking to get involved solely for funding and not looking to take advantage of the access to the market.
Responding, Ali Alwan said: “Abu Dhabi has two trillion of assets under management, through the sovereigns and family offices that exist here – so there’s no shortage of capital.
“I am a solemn believer that you have to create the conduits for this capital to chase. But I also believe that capital always finds the best opportunities. The best ideas don’t always need the capital, they need the opportunity. This is what we are hoping to achieve through the Hub71+ initiatives that we’ve launched.
“They are specialised ecosystems aimed to create a value proposition on specific verticals.” He went on to explain how front runners in the digital asset sector looked to get into Abu Dhabi due to the regulatory landscape created by the ADGM.
Ali Alwan concluded: “We have about 40 digital asset startups and more than 15 partners in the space. These companies are well funded and they are making good returns, but the main reason they’re here is because they believe in the opportunity and the community that exists here – we offer a soft landing package that supports entry into this ecosystem.”
