in5, a platform for start-ups and entrepreneurs launched by TECOM Group, has announced that its members have raised more than AED65 million in direct investment during the first six months of 2020. The funding came from multiple sources such as venture capital funds and angel investors.
After generating more than AED400 million in funding between 2013 and 2019, the half-year figure in 2020 is the highest six-month amount generated by in5 start-ups. Furthermore, 41 new companies joined the start-up incubator in the first six months of this year, bringing the total number of active start-ups to 216.
“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 with state-of-the-art infrastructure and streamlined corporate and government services,” said Majed Al Suwaidi, managing director of Dubai Media City and an in5 leader.
“Mentorship and networking opportunities are fundamental to our operations at in5 – and 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 that can transform the technology, media and design landscapes,” he added.
Bolstering its credentials as a knowledge hub that nurtures and enables talent, in5 concluded 320 advisory and mentorship hours for start-ups and entrepreneurs working across its world-class technology, media and design ecosystems in H1 this year.
in5 is supported by a steering committee comprising more than 20 experts representing local and international companies such as Accenture, Microsoft and Chalhoub Group. The committee selects start-ups and admits them to the incubator, providing various benefits including mentorship.