Abu Dhabi's Hub71 attracts ClimateTech funds amid UAE's sustainability push

Collaboration with Leonardo DiCaprio-backed Princeville Capital is set to accelerate the development of climate-focused ventures in the region

Set up in March 2019, Hub71 is based at ADGM, the emirate's financial free zone. Photo: Hub71

Abu Dhabi's Hub71 is focused on attracting global climate technology funds to the UAE capital to expand the start-up environment and help the emirate reach its sustainability and climate goals.

The Abu Dhabi Global Market-based technology ecosystem recently partnered with Princeville Capital, backed by Hollywood star Leonardo DiCaprio, to support ventures focused on developing climate technology.

“This collaboration marks a significant milestone, as Princeville Capital will not only commit financial resources but also establish a physical presence in Abu Dhabi, bringing its expertise and dedicated team,” Hub71 said in a statement on Thursday.

“This partnership … is set to accelerate the development of ClimateTech start-ups in the region.”

With offices in Europe, the US and Asia, Princeville invests in growth-stage companies in sectors such as FinTech, digital health, e-commerce and green technology.

It has invested in companies including German solar firm Enpal, China’s Cainiao, Chile’s food tech company NotCo and EV charging company Volta. It also has investments in Turkey’s Trendyol.

The latest partnership comes as Hub71 continues to attract new start-ups developing climate technology.

In April, it said five start-ups would join Hub71+ ClimateTech, a specialised ecosystem launched during the Cop28 summit in Dubai, to boost decarbonisation technologies and help countries achieve net-zero targets.

Start-ups that joined Hub71+ ClimateTech include Canada’s Basetwo, which has raised $6 million in funding and provides plant engineers with real-time recommendations to reduce energy consumption and emissions.

Giga Energy, which is developing technology to mitigate flare gas, and aquaculture tech company Aqua Development also joined.

The UAE is pursuing a green agenda that includes a pledge to achieve net zero by 2050, reduce carbon emissions by 40 per cent by 2030 and invest tens of billions in clean energy.

Hub71's new partnership aims to build a “robust network” of stakeholders including regulators, corporates, investors, policymakers and academic institutions to support start-ups, the tech start-up accelerator said.

“Princeville Capital’s financial commitment to Hub71 ClimateTech start-ups is a clear validation of the potential we are nurturing from Abu Dhabi,” Basma Al Dhaheri, head of value creation at Hub71, said.

“Empowering the development of climate solutions not only addresses a critical global challenge but also plays into the UAE’s broader strategy of achieving net zero by 2050.”

Hub71 is backed by the Abu Dhabi government and the emirate's sovereign wealth fund Mubadala Investment Company. It supports the development of tech start-ups with incentives and access to investors, corporations, government organisations and academic institutions.

Hub71 is supporting 318 start-ups from 24 strategic sectors of the economy. These ventures in aggregate have raised $1.6 billion in financing, according to Hub71 data.