Tecom incubator in5 start-ups raise Dh65m in the first half of 2020
More than 40 new companies joined the incubator during the first six months of this year, bringing the total number of active start-ups at in5 to 216
Start-ups at In5, an incubator operated by Dubai's Tecom Group, raised Dh65 million in the first half of 2020, taking the total amount raised since its inception to Dh465m, the incubator said on Monday.
The amount raised in the first half of this year is the highest in5 start-ups have generated in a six-month period through venture capitalists, private funds and large- and medium-sized enterprises, it said.
The incubator also saw 41 new companies join during the period, bringing the total number of active start-ups at in5 to 216, in5 said.
“Mentorship and networking opportunities are fundamental to our operations at in5,” Majed Al Suwaidi, managing director of Dubai Media City who heads the incubator programme, said.
“The number of home-grown innovators joining in5 year-on-year coupled with investment growth demonstrates our continued commitment to attract and develop talent in Dubai,” he added.
Launched in 2013, In5 to-date has helped over 347 entrepreneurs to raise funds.
As an enabling platform for start-ups and entrepreneurs, it is adding to the overall technology ecosystem of Dubai and helping companies to access not only regional but also global resources.
Some of the successful start-ups incubated at in5 include Arabic social media monitoring platform Crowd Analyzer, money remittance firm Remiter and Wrapupp, an AI-driven app acquired by Silicon Valley-based firm Voicera.
Mentors and investors associated with in5 under three different incubators focus on technology, design and media.
Some of the benefits include mentorship, resources, support, simplified business set-up and access to a wide network of investors and strategic partners.
“At in5, it is our endeavour to create a best-in-class platform for entrepreneurs and start-ups to launch and scale their ventures in an agile, business-friendly environment,” Mr Suwaidi said.
Small businesses, start-ups and SMEs have been among the hardest hit sectors due to the coronavirus pandemic, but agile entrepreneurs have successfully identified opportunities to raise capital, in5 said.
Start-ups in the Middle East and North Africa region secured Dh2.4 billion in the first half of the year, up 35 per cent from the same period in 2019, according to data platform Magnitt.
The UAE received the largest share of total funding because of several later-stage investments, while Egypt still ranks first by number of deals, accounting for 25 per cent of the total in the Mena region.
Published: July 6, 2020 05:43 PM