Hub71, the tech ecosystem based in Abu Dhabi, announced on Thursday that startups within its network secured a record $2.17 billion (Dh8.02 billion) in funding during 2024. This amount marks a significant 44.7% increase compared to the $1.5 billion raised in 2023. Additionally, the revenue generated by these startups rose to $1.2 billion, up from $1 billion the previous year.

Throughout the year, Hub71 received over 3,100 applications from entrepreneurs across more than 20 countries, underscoring the increasing global interest in establishing businesses in the UAE capital. Of the 46 startups selected, over 70% hailed from international markets, with more than half being in the Seed or Series A stages. Notably, startups from the US, UK, and Germany accounted for nearly 63% of Cohort 16, highlighting Abu Dhabi’s role as a link between established tech hubs and emerging markets.

Ahmad Ali Alwan, the CEO of Hub71, remarked that the initiative started as an ambitious idea aimed at enabling founders to build from Abu Dhabi. He emphasized that this vision has evolved into a dynamic community of entrepreneurs, investors, and partners dedicated to creating a lasting impact. Alwan stated, “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.”

Hub71’s growth aligns with Abu Dhabi’s rising prominence in the global startup landscape. The 2024 Global Startup Ecosystem Report indicates that the emirate has become the fastest-growing emerging startup ecosystem in the MENA region, with its ecosystem value increasing by 28% to $4.2 billion from mid-2021 to the end of 2023. According to StartupBlink’s 2024 rankings, Abu Dhabi stands sixth regionally and second in the UAE, further solidifying its global presence.

The rapid expansion can be attributed to Hub71’s sector-specific initiatives. Programs like Hub71+ Digital Assets, Hub71+ ClimateTech, and the newly introduced Hub71+ AI have attracted startups focused on creating solutions for significant global challenges. Startups within the Digital Assets program alone have raised over $100 million, while collaborations with tech giants such as Google, NVIDIA, and AWS are fostering innovation across various fields, including Web3, AI, and renewable energy.

This targeted approach is also aiding in the development of strategic economic clusters in Abu Dhabi. Hub71 is actively contributing to advancements in smart mobility through the SAVI cluster and promoting sustainable agriculture and food security via the AGWA cluster, positioning the emirate as a global innovation hub.

Funding access remains a crucial aspect of Hub71’s strategy. In 2024, capital partners invested $65 million in its startup community, welcoming new investors like Princeville Capital and The Catalyst. Additionally, Tech Barza, Hub71’s exclusive capital club for family offices, completed its first startup deal and increased its membership by 10%. To facilitate early-stage capital access, Hub71 launched the Angel Investor Support Package, empowering five new angel networks, including Falcon Valley and Qora71, to enhance early-stage investments in startups.

Strategic partnerships are also vital to Hub71’s success, helping startups gain traction in the market. In 2024, startups entered into 91 corporate agreements with government and private sector partners, valued at $28 million, which aided in scaling and commercializing their innovations. Programs such as the Regulatory Sandbox, co-developed with the Abu Dhabi Department of Economic Development, enabled startups to pilot advanced technologies in smart mobility, digital health, food innovation, and alternative proteins.

In a challenging funding environment, Hub71 startups attracted notable investments. The FinTech startup FlapKap raised $34 million in pre-Series A funding to expand its AI-driven lending solutions across the GCC. ClimateTech firm 44.01 secured $37 million in Series A funding for its CO₂ mineralization technology, which converts captured emissions into rock. Meanwhile, HealthTech innovator BioSapien raised $5.5 million in pre-Series A funding to advance clinical trials of its MediChip, a 3D-printed implant designed for localized cancer treatment.

Today, Hub71 hosts a vibrant community of founders focused on building impactful startups that address global challenges and explore new markets. The ecosystem is driven by access to capital, expert support, and sector-specific knowledge aimed at attracting top talent and propelling Abu Dhabi’s innovation agenda.