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01 December 2023

Dubai Sees 20% Growth in Funding for Start-ups at TECOM Group’s in5

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By WAM

in5, part of TECOM Group PJSC and the region’s leading innovation and entrepreneurship platform, has recorded a 20% increase in total funding raised by start-ups within its ecosystem since its inception to more than AED 2.9 billion, solidifying its position as a key player in the regional start-up ecosystem.

During the first nine months of 2023, in5 witnessed an extraordinary surge in the number of start-ups it supports, with 120 new ventures joining its portfolio. This translates to the incubation of a new start-up every second day between January and September 2023, highlighting its unwavering commitment to nurturing entrepreneurial talent and fostering innovation in Dubai.

in5’s announcement comes on the heels of its participation in Expand North Star 2023, the world’s largest event for start-ups and investors that is being held in Dubai on 15-18 October at Dubai Harbour, where the incubator is hosting 16 start-ups from its ecosystem.

Commenting on the achievement on behalf of in5, Majed Al Suwaidi, Senior Vice President of Dubai Media City, said, "Entrepreneurs and start-ups 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.

“At in5, we believe in nurturing these dynamic minds, providing them with the necessary tools, mentorship, and resources to transform their ideas into successful ventures. 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 has nurtured more than 850 start-ups since its inception in 2013, and its diverse community embodies Dubai's cosmopolitan business ethos, comprising over 50 nationalities, such as Canada, China, France, India, Russia, and the UK, mirroring a growing trend of start-ups relocating their global headquarters to Dubai in recognition of the city's appeal as a thriving business hub.

in5 provides start-ups in technology, media, design, and science a platform to scale up, and facilitates access to advisory, mentorship, and potential investment opportunities.

The incubator celebrated its 10th anniversary in June 2023 with the launch of in5 Science to facilitate entrepreneurship and investment for science-based start-ups under the Dubai Economic Agenda ‘D33’ umbrella. in5 also 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).

In addition to in5, TECOM Group’s portfolio offers value-added platforms such as co-working spaces through D/Quarters, freelance packages via GoFreelance, and an integrated smart services platform, axs.

TECOM Group’s portfolio also comprises 10 business districts, including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Science Park, Dubai Knowledge Park, Dubai International Academic City, Dubai Design District (d3) and Dubai Industrial City.

Hosted by the Dubai Chamber of Digital Economy, Expand North Star 2023 will bring 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.