UAE – Mubasher: Abu Dhabi's global tech ecosystem Hub71 startups recorded $2.17 billion (AED 8.02 billion) in funding during 2024, an annual hike of 44.70% from $1.50 billion (AED 5.40 billion).
This performance highlights strong investor confidence in Abu Dhabi’s innovation economy, according to a press release.
Revenue generated by startups grew to $1.20 billion (AED 4.50 billion) last year from $1 billion (AED 3.50 billion) in 2023.
Hub71 received more than 3,100 applications from entrepreneurs representing over 20 countries in 2024, reflecting the growing global appetite to build from the UAE capital.
Of the 46 startups selected, around 70% came from international markets, with more than half in the Seed or Series A stages.
Startups from the US, the UK and Germany made up nearly 63% of Cohort 16, anchoring the city’s reputation as a gateway between established tech hubs and high-growth emerging markets.
Ahmad Ali Alwan, CEO of Hub71, said: “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.”
Based on the 2024 Global Startup Ecosystem Report, Abu Dhabi is the fastest-growing emerging startup ecosystem in MENA, with its ecosystem value rising 28% to $4.20 billion between mid-2021 and end-2023.
Strategic Partnerships
In 2024, startups inked 91 corporate deals with government and private sector partners worth $28 million (AED 103 million), accelerating their ability to scale and commercialize their solutions.
Hub71 Startups
Hub71 startups attracted investors with landmark raises that signal global relevance and real-world impact.
FinTech startup FlapKap raised $34 million (AED 124.70 million) in pre-Series A funding to expand its AI-driven lending solutions across the GCC region.
ClimateTech pioneer 44.01 secured $37 million (AED 135.70 million) in Series A funding to scale its CO₂ mineralization technology that transforms captured emissions into rock.
Meanwhile, healthtech innovator BioSapien closed a $5.5 million (AED 20 million) pre-Series A round to accelerate clinical trials of its MediChip™, a 3D-printed implant that delivers localized cancer treatment with minimal side effects.
