LinkedIn has unveiled its Top Startups List for 2023, which showcases the top 10 companies in the UAE that experienced exceptional growth in the past year.
Despite a global economic slowdown and tightening labor markets, the UAE’s labor market has shown resilience with a significant 49% surge in hiring in August this year compared to pre-pandemic August 2019. This resilience has also trickled into the startup world, as the companies on the list have demonstrated innovation and investment in top talent, signalling the opportunities that still lie ahead.
The Top Startups for 2023 in the UAE are:
1. ekar
2. CAFU
3. The Giving Movement
4. Hubpay
5. Pure Harvest Smart Farms
6. Yolk Brands
7. YAP
8. Tabby
9. NymCard
10. Grubtech
Key trends observed from this year’s Top Startups list:
Automotive services climb to the top of the list: ekar (#1) and CAFU (#2) – which made a re-entry from 2021 – are a testament to the growth of the automotive industry, including rentals and mobile car fueling and services.
Fintechs continue their dominance: We continue to see fintechs in all forms dominate the list, with some even making an appearance for the second year in a row such as the Buy Now Pay Later (BNPL) platform Tabby (#8). Other fintechs on the list included YAP (#7), a smart digital banking app and first-timer NymCard (#9), a payment-issuing and processing platform.
Rise of the F&B: This year’s list shows growth in F&B platforms and businesses with companies like Yolk Brands (#6), a restaurant investment company behind homegrown fast-food chains like Pickl and BonBird, and Grubtech (#10), a platform supporting omnichannel restaurants and cloud kitchens, debuting on the top 10 list this year.
LinkedIn Top Startups is an annual ranking of emerging companies where professionals want to work, globally, based on unique LinkedIn data. Rather than relying on questionnaires, it’s based on billions of actions taken by the 950+ million members on LinkedIn. The list is compiled by measuring and analyzing metrics across four pillars: employment growth, engagement with the company and its current employees, job interest and attraction of top talent.
Methodology
LinkedIn measures startups based on four pillars: employment growth, engagement, job interest and attraction of top talent.
Employment growth is measured as percentage headcount increase, which must be a minimum of 10%, over the methodology time period
Engagement looks at non-employee views and follows of the company’s LinkedIn page, as well as how many non-employees viewed or followed employees at that startup.
Job interest counts the rate at which people are viewing and applying to jobs at the company, including both paid and unpaid postings.
Attraction of top talent measures how many employees the startup has recruited away from LinkedIn Top Companies, as a percentage of the startup’s total workforce.
To be eligible, companies must be fully independent, privately held, have 30 or more full-time employees, be 7 years old or younger and be headquartered in the country on whose list they appear. We exclude all staffing firms, think tanks, venture capital firms, law firms, management and IT consulting firms, nonprofits and philanthropy, accelerators and government-owned entities.
Startups who have laid off 20% or more of their workforce based on corporate announcements or public, reliable sources between July 1, 2022 and the list launch, are not eligible. These decisions are made by the LinkedIn News team based on company statements and/or reputable news outlets.
