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Dubai sees 20% growth in startup funding at TECOM Group’s in5

in 5, part of TECOM Group PJSC and the region’s leading innovation and entrepreneurship platform, has seen a 20% increase in total funding raised by startups within its ecosystem since its inception to over AED 2.9 billion, cementing its position as a key player in the regional startup ecosystem. .
During the first nine months of 2023, in5 witnessed an extraordinary increase in the number of startups it supports, with 120 new companies joining its portfolio.

This translates to one new business being incubated every two days between January and September 2023, highlighting its unwavering commitment to nurturing entrepreneurial talent and fostering innovation in Dubai.

in 5The announcement comes immediately after his participation in Expand North Star 2023, the world’s largest event for startups and investors held in Dubai on October 15-18 in Dubai Port, where the incubator houses 16 startups from its ecosystem.

Commenting on the achievement on behalf of in5, Majed Al Suwaidi, Senior Vice President of Dubai Media Citysaying:

“Entrepreneurs and startups are the heart of a thriving economy and play a critical 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 tools, mentorship and resources necessary to transform their ideas into successful projects. By supporting entrepreneurs, we empower them to revolutionize traditional industries, adopt new technologies and catalyze positive change. in5’s milestones demonstrate the strength of our incubation program and the confidence investors have in the ingenuity and vision of Dubai’s innovators and entrepreneurs, whose efforts will shape the future of our region and beyond.”

in 5 has nurtured over 850 startups since its inception in 2013, and its diverse community embodies Dubai’s cosmopolitan entrepreneurial spirit, comprising over 50 nationalities, including Canada, China, France, India, Russia and the United Kingdom, making reflects a growing trend of startups moving their global headquarters to Dubai in recognition of the city’s appeal as a thriving business hub.

in 5 provides startups in technology, media, design and science with a platform to grow and facilitates access to advice, mentoring 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 startups under the Dubai Economic Agenda ‘D33’ umbrella. in5 also operates three centers enabling business and innovation in technology in Dubai Internet City, media in Dubai Production City and design in Dubai Design District (d3).

In addition to in 5TECOM Group’s portfolio offers value-added platforms such as coworking spaces through D/Quarters, freelancer packages through 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.

Organized by the Dubai Chamber of Digital Economy, Expand North Star 2023 It will bring together thought leaders, innovators and global entrepreneurs from more than 100 countries, plus thousands of venture capitalists and more than 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 Port.

News source: Dubai Press Office

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