22 November 2024, Fri |
11:06 AM
in5, a prominent component of TECOM Group PJSC and a leading hub for innovation and entrepreneurship in the region, has reported an impressive 20% increase in the total funding garnered by start-ups within its ecosystem since its inception, surpassing AED 2.9 billion. This achievement firmly establishes in5 as a pivotal player in the regional start-up landscape.
Throughout the first nine months of 2023, in5 experienced a remarkable surge in the number of start-ups it actively supports, welcoming 120 new ventures into its fold. This translates to the nurturing of a new start-up approximately every second day from January to September 2023, underscoring its steadfast dedication to fostering entrepreneurial talent and nurturing innovation within Dubai.
This announcement from in5 coincides with its participation in the expansive event, Expand North Star 2023, the world’s largest gathering of start-ups and investors, taking place in Dubai from October 15th to 18th at Dubai Harbour. In this event, the incubator is hosting 16 start-ups from its ecosystem.
Reflecting on this accomplishment on behalf of in5, Majed Al Suwaidi, Senior Vice President of Dubai Media City, commented: “Entrepreneurs and start-ups are the lifeblood of a flourishing economy, playing a pivotal role in shaping future economies, cultivating an atmosphere of innovation, and driving sustainable progress for society at large. At in5, we firmly believe in nurturing these dynamic minds, equipping them with the essential tools, mentorship, and resources to turn their visions into thriving ventures. Our support for entrepreneurs empowers them to disrupt traditional industries, embrace cutting-edge technologies, and instigate positive transformation. The milestones reached by in5 showcase the strength of our incubation program and the confidence investors place in the creativity and vision of innovators and entrepreneurs in Dubai, whose efforts are shaping the future of our region and beyond.”
Since its inception in 2013, in5 has nurtured over 850 start-ups. Its diverse community embodies Dubai’s cosmopolitan business culture, comprising individuals from over 50 nationalities, including Canada, China, France, India, Russia, and the UK. This mirrors the growing trend of start-ups relocating their global headquarters to Dubai, recognizing the city’s appeal as a thriving business hub.
in5 provides a platform for start-ups in technology, media, design, and science to scale up and offers access to advisory services, mentorship, and potential investment opportunities. In June 2023, the incubator celebrated its 10th anniversary with the launch of in5 Science, designed to facilitate entrepreneurship and investment for science-based start-ups under the Dubai Economic Agenda ‘D33.’ in5 also operates three centers that promote business and innovation in Tech in Dubai Internet City, Media in Dubai Production City, and Design in Dubai Design District (d3).
In addition to in5, the TECOM Group’s portfolio includes value-added platforms such as co-working spaces through D/Quarters, freelance packages via GoFreelance, and an integrated smart services platform, axs. The portfolio encompasses 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 panelists. The event will be co-located with the 2023 editions of the Fintech Surge, Future Blockchain Summit, and Marketing Mania events at Dubai Harbour.
