Abu Dhabi’s Hub71 Hits US$2.17 Billion in Startup Funding
Hub71's 2024 Impact Report also revealed that its startups were able to generate revenue of $1.2 billion in 2024, up from $1 billion the year before.
Abu Dhabi-based Hub71 has revealed that the startups in its global tech ecosystem were able to secure a total of US$2.17 billion in funding in 2024—a 44.7 percent year-on-year increase from the previous year.
The figure, which was shared as part of Hub71’s 2024 Impact Report, has been noted to be indicative of strong investor confidence in Abu Dhabi’s innovation economy. The report also revealed that Hub71 startups generated revenue of $1.2 billion in 2024, up from $1 billion the year before. In addition, Hub71 startups were also able to ink 91 corporate deals worth $28 million with government and private sector partners in 2024.
A statement from Hub71 painted these achievements as indicative of Abu Dhabi’s growing status on the global startup map, with the UAE capital having been marked out to be the fastest-growing emerging startup ecosystem in the MENA by the 2024 Global Startup Ecosystem Report.
“Hub71 began as an ambitious idea to enable founders to build from Abu Dhabi,” said Hub71 CEO Ahmad Ali Alwan, in the statement. “That idea has since grown into a thriving community of entrepreneurs, investors, and partners working together to drive lasting impact.”
“The progress captured in Hub71’s 2024 Impact Report reflects the strength of our ecosystem, and the trust placed in us by those who believe in Abu Dhabi’s long-term potential,” Alwan added. “As we look ahead, our focus remains on empowering founders and positioning Abu Dhabi as a global hub for technology and innovation.”
2024 saw Hub71 receive over 3,100 applications from around the world, and of the 46 startups that were selected for the year’s cohort, over 70 percent came from international markets, with more than half in the seed or Series A stages.
