Hub71, Abu Dhabi’s global tech ecosystem, released its 2024 Impact Report, highlighting a record-breaking year marked by robust funding, strategic growth, and increased international recognition. In its sixth year, Hub71 continues to be a catalyst for innovation, positioning Abu Dhabi as a global center for technology, entrepreneurship, and investment.
In 2024, Hub71 startups raised AED 8.02 billion ($2.17 billion) in funding — a 44.7% year-on-year increase from 2023. Startup revenues also rose to AED 4.5 billion ($1.2 billion), indicating strong commercial traction in key sectors.
Hub71 received over 3,100 applications from founders in more than 20 countries, with 46 startups selected, over 70% of which were international and more than half in the Seed or Series A stages. Startups from the US, UK, and Germany made up 63% of the latest cohort, affirming Abu Dhabi’s role as a gateway between global tech hubs and high-growth markets.
Ahmad Ali Alwan, CEO of Hub71, commented:
“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.”
Abu Dhabi’s global standing continues to rise, with the Global Startup Ecosystem Report 2024 naming it the fastest-growing emerging startup hub in MENA, while StartupBlink 2024 ranked the city 6th regionally and 2nd in the UAE.
Hub71’s specialized ecosystems — Hub71+ Digital Assets, Hub71+ ClimateTech, and the newly launched Hub71+ AI — have attracted startups addressing critical global challenges. Startups in the Digital Assets program alone have raised over $100 million, and global tech players like Google, NVIDIA, Solana, and Hashed are supporting innovation in Web3, AI, and renewable energy.
In 2024, AED 238 million ($65 million) was invested by capital partners, with new entrants including Princeville Capital and Golden Gate Ventures. Hub71 also launched “Barza” to enhance early-stage capital access and expanded investor networks like Falcon Valley and Qora71.
Startups signed 91 partnership agreements worth AED 103 million with public and private sector players, leveraging regulatory sandboxes and pilot programs in areas such as mobility, digital health, and alternative proteins.
Among the standout success stories of 2024:
- FlapKap raised AED 124.7M to scale its AI-based lending platform.
- 44.01 secured AED 135.7M for carbon mineralization technology.
- BioSapien raised AED 20M for its 3D-printed MediChip™, a targeted cancer therapy solution.
Today, Hub71 is home to a vibrant community of high-impact founders solving global problems, scaling rapidly, and shaping the future of innovation from Abu Dhabi.
