in5 startups post 25% funding surge in 2023 – News
Published: Wed 21 Feb 2024, 5:09 PM
Tecom Group’s incubator in5 has reported that funding raised by its startups since inception increased by 25 per cent in 2023 as Dubai continued to nurture homegrown innovation.
The surge in funding, which reached Dh3 billion last year, is indicative of growing interest in the city’s homegrown enterprises, catalysed by government strategies to enhance Dubai’s position as a global innovation capital conducive to high potential enterprises, the incubator said on the sidelines of the Step Conference 2024 held in Dubai. “It is a testament to Dubai’s entrepreneurial credentials and robust investor confidence in the city’s pro-business environment,” Tecom Group said in a statement.
“Startups are the inherent problem-solvers we need to unlock sustainable growth for our future generations,” said Majed Al Suwaidi, senior vice-president at Tecom Group, on behalf of in5. “There is global stakeholder acknowledgement about the innovation, resilience, and creativity with which start-ups can disrupt and redefine the future economy, and in5’s recent track record reaffirms its vision to mitigate roadblocks for the world’s most enterprising futurists. As an essential pillar of entrepreneurship in the region, in5 will continue to nurture our cohort of entrepreneurs and strengthen the pathways towards fulfilling the goals of the Dubai Economic Agenda ‘D33’.”
in5’s priority remains to nurture a vibrant entrepreneurial ecosystem that supports the future development of the local, regional, and global economy through four dedicated verticals for the technology, media, design, and science sectors, the statement said.
“Supporting Dubai’s vision to nurture homegrown innovation, in5 has incubated almost 900 start-ups since its inception. Annual growth in its ecosystem is particularly evident in the technology sector, with in5 Tech – the incubator’s tech-focused vertical that has a base at Dubai Internet City – noting a 13 per cent annual increase in its number of active start-ups to 270 in 2023,” it said.
With innovation centres at Tecom Group’s Dubai Production City and Dubai Design District (d3), respectively, in5 Media and in5 Design also demonstrated continued support for entrepreneurs during the year.
“As a company that places sustainability at the forefront of our operations, the Innovate for Tomorrow challenge provides an inclusive platform focused on driving more sustainable consumption and production practices here in the UAE,” said Huda Buhumaid, chief impact officer at Dubai Holding. “We are pleased to partner with Tecom Group’s in5 incubator to nurture a better future for all by attracting global innovators to implement scalable solutions.”
in5 has presented 10 of its most innovative enterprises at Step Conference 2024, including cloud-based business process management platform BitAffix, sustainable oil and gas procurement platform ReflowX, online thought leadership service Writefully, e-learning provider Arabiatee, and proptech ecosystem Estaie, among others.
In collaboration with Dubai Science Park, in5 launched a science-focused vertical to mark its 10th anniversary in June 2023. in5 Science facilitates entrepreneurship and investment for science-based start-ups in line with the Dubai Economic Agenda ‘D33’, the Road to Net Zero by 2050, We the UAE 2031, and National Food Security Strategy agendas.
