DUBAI / WAM
in5, an enabling platform for startups and entrepreneurs launched by Tecom Group, on Monday announced that its members have raised more than AED65 million in direct investment, through multiple funding sources such as venture capital funds or angel investors, during the first six months of this year.
“After generating more than AED400 million in funding between 2013 and 2019, the half-year figure is the highest six-month amount generated by in5 startups. Furthermore, 41 new companies joined the startup incubator in the first 6 months of the year brining to the total number of active startups at in5 to 216,” in5 said in a statement on Monday.
The statement added, “Small businesses, startups and SMEs have been among the hardest hit sectors by the pandemic, but agile entrepreneurs have successfully identified opportunities to raise capital. This suggests Dubai’s entrepreneurial ecosystem will contribute to the UAE’s economic resilience and recovery, consolidating its position as a hub for talent, knowledge and innovation as markets get moving again.”
Majed Al Suwaidi, Managing Director of Dubai Media City and an in5 leader, said, “At in5, it is our endeavour to create a best-in-class platform for entrepreneurs and startups to launch and scale their ventures in an agile, business-friendly environment with state-of-the-art infrastructure and streamlined corporate and government services.”
He added, “Mentorship and networking opportunities are fundamental to our operations at in5 – and the number of homegrown innovators joining in5 year-on-year coupled with investment growth demonstrates our continued commitment to attract and develop talent in Dubai that can transform the technology, media and design landscapes.”
Bolstering its credentials as a knowledge hub that nurtures and enables talent, in5 concluded 320 advisory and mentorship hours for startups and entrepreneurs working across its world-class technology, media and design ecosystems in H1 this year.
in5 is supported by a steering committee comprising more than 20 experts representing local and international companies such as Accenture, Microsoft and Chalhoub Group. The committee selects startups and admits them to the incubator, providing various benefits including mentorship.
Launched in 2013 by TECOM Group, a member of Dubai Holding, in5 is home to hundreds of startups operating across key sectors of the UAE’s non-oil economy. To date, it has helped over 347 entrepreneurs raise more than AED465. By providing tangible resources, invaluable support, a simplified business set up, one-on-one mentorship opportunities, and access to a wide network of investors and strategic partners, in5 reinforces Dubai’s position as an attractive destination for talent.