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Eye of Riyadh
Business & Money | Thursday 22 February, 2024 1:32 pm |
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in5 start-ups record 25% funding growth in 2023

TECOM Group's incubator “in5” has reported remarkable growth in 2023, with funding raised by start-ups since its inception increasing by 25 percent during the year. This represents a testament to Dubai’s entrepreneurial credentials and robust investor confidence in the city’s pro-business environment.

 

Announced on the side-lines of the Step Conference 2024 held in Dubai on 21-22 February in strategic partnership with Dubai Internet City, the surge in funding, which reached AED 3 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.

 

“Start-ups 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.

 

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 percent annual increase in its number of active start-ups to 270 in 2023.

 

in5 is presenting 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. As TECOM Group’s diverse ecosystem steadily nurtures cross-disciplinary collaboration, the incubator is also hosting start-ups from Luxembourg and Poland following Dubai Internet City’s recent memorandums of understanding with Luxembourg Trade and Investment Office and Polish Investment and Trade Agency.

 

A regional entrepreneurship enabler dedicated to delivering globally impactful innovation, in5 is Execution Partner for Dubai Holding’s ‘Innovate for Tomorrow’ challenge to address critical sustainability challenges in the UAE.

 

“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.”

 

The winner and runner-up of the Innovate for Tomorrow challenge will receive a comprehensive awards package, including access to in5’s supportive environment, resources, and mentorship pathways, as well as a nominal cash prize for each. The winner will have the exclusive opportunity to implement their solution through a four-month pilot programme at Dubai Holding.

 

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