Funding for startups at TECOM Group’s in5 surges by 20%

TECOM’s in5 reports 20% growth in funding for startups

Image courtesy: WAM

TECOM Group’s in5 has recorded a 20 per cent increase in total funding raised by startups within its ecosystem since its inception to Dhs2.9bn, according to the Government of Dubai Media Office.

The innovation and entrepreneurship platform witnessed a surge in the number of startups it supports in the first nine months of 2023, with 120 new ventures joining its ecosystem.

in5 said this translates to the incubation of a new startup every second day between January and September 2023 and underscores the platform’s commitment to nurturing entrepreneurship and fostering innovation in Dubai.

The announcement comes on the heels of its participation in Expand North Star 2023, the world’s largest event for startups and investors that is being held at Dubai Harbour, where the incubator is hosting 16 startups from its ecosystem.

“Entrepreneurs and startups are the heartbeat of a thriving economy, and they play a pivotal role in shaping the future of economies, fostering a culture of innovation, and driving sustainable progress for society as a whole,” said Majed Al Suwaidi, senior vice president of Dubai Media City.

“By supporting entrepreneurs, we empower them to disrupt traditional industries, embrace new technologies, and catalyse positive change. in5’s milestones demonstrate the robustness of our incubation programme and the confidence that investors have in the ingenuity and vision of innovators and entrepreneurs in Dubai, whose efforts will shape the future of our region and beyond.”

in5’s startup ecosystem

in5 has nurtured more than 850 startups since its inception in 2013, and its diverse community embodies Dubai’s cosmopolitan business ethos, comprising more than 50 nationalities as it mirrors a growing trend of startups that are relocating their operations to Dubai.

The incubator provides startups in technology, media, design, and science a platform to scale up, and facilitates access to advisory, mentorship, and potential investment opportunities.

It celebrated its 10th  anniversary in June 2023 with the launch of in5 Science to facilitate entrepreneurship and investment for science-based startups under the Dubai Economic Agenda (D33) umbrella.

in5 operates three centres enabling businesses and innovation in tech in Dubai Internet City, media in Dubai Production City, and design in Dubai Design District (d3).

Hosted by the Dubai Chamber of Digital Economy, Expand North Star 2023 is bringing together global thought leaders, innovators, and entrepreneurs from more than 100 countries, in addition to thousands of venture capitalists and over 70 unicorn founders as panellists.

The event will be co-located with the 2023 editions of the Fintech Surge, Future Blockchain Summit, and Marketing Mania events at Dubai Harbour.

Read: Expand North Star 2023: A global stage for startups at Dubai Harbour

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