Funding raised by start-ups within TECOM Group PJSC’s entrepreneurship incubator, in5, has surpassed AED7.8 billion ($2.1 billion) since its inception, reflecting Dubai’s supportive innovation framework that fosters the growth of businesses and talent. This announcement, made during Expand North Star—the world’s largest start-up and investor event held in Dubai from October 13-16—highlights a remarkable 163 percent increase in funding compared to 2023, showcasing the accelerated progress of in5’s start-ups this year.
Majed Al Suwaidi, senior vice president at TECOM Group PJSC, remarked that start-ups are vital engines of sustainable economic growth that benefit future generations. He added that the funding milestone achieved by in5’s start-ups enhances their mission to unlock entrepreneurial excellence through opportunities, partnerships, and investor engagement. He emphasized that their vibrant and global community is pivotal in driving Dubai’s efforts to create a globally competitive innovation landscape aligned with the Dubai Economic Agenda ‘D33.’
Support for diverse sectors
Since its launch in 2013, in5 has supported over 1,000 start-ups in the technology, media, design, and science sectors. This includes in5 Tech at Dubai Internet City, in5 Media at Dubai Production City, and in5 Design at Dubai Design District (d3). In5 Media reported a 20 percent annual growth in active start-ups during the first half of this year, driven by government initiatives aimed at enhancing the regional creative economy, including Dubai Media’s vision to strengthen media institutions and attract diverse talent.
Read more: Sharjah rises to 4th in GCC region, 7th in MENA in 2024 Global Startup Ecosystem Rankings
Focus on science innovation
In5 Science, which celebrated its first anniversary in June 2024, provides a platform for over 35 innovative science start-ups. Launched in partnership with Dubai Science Park, this initiative aligns with the vision of the Dubai Research and Development Programme, fostering a robust base of innovators in life, energy, and environmental sciences.
Landscape maturity
While global trends indicate a shift in start-up funding towards sustainable ventures, investment in artificial intelligence (AI) companies has remained stable in 2024. Supported by the Dubai Economic Agenda ‘D33,’ Dubai’s innovation framework is expanding the pool of entrepreneurs leveraging technology to enhance consumer services. Recent success stories include Ziina, a fintech start-up that raised AED80.8 million in a Series A funding round in September 2024, and Podeo, the world’s largest podcast distribution platform, which raised AED19.8 million in the same month.
Resources for start-ups
In5 provides start-ups in technology, media, design, and science with a platform to scale, offering access to advisory services, mentorship, and investment opportunities. Additionally, in5 Tech houses the in5 Investor Hub, where angel investors, venture capitalists, and institutional investors can connect directly with start-ups for funding and partnerships.
In5’s presence at Expand North Star underscores its commitment to showcasing its innovative ecosystem to over 1,200 global investors expected at the event, featuring start-ups like AI-enabled communications specialist Grambell and flexible online travel agency Estaie, both incubated at in5.
Moreover, In5 is the start-up and entrepreneurship incubator established by TECOM Group, which has supported Dubai’s economic ambitions for over two decades through sector-focused districts, including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park, Dubai Design District (d3), and Dubai Industrial City.
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