A Dubai startup incubator has seen funding of more than AED7.8bn ($2,1bn) for its entrepreneurs since it launched, as the city’s pro-innovation framework nurtures the growth of enterprises and talent.
Funding raised by start-ups within TECOM Group’s entrepreneurship incubator in5 since its inception has crossed AED7.8bn ($2,1bn) it announced on the sidelines of Expand North Star, the world’s largest event for start-ups and investors.
The figure represents 163 per cent growth over total funding raised as of 2023, demonstrating the accelerated growth of in5’s start-ups this year.
Dubai startup funding with in5
Majed Al Suwaidi, Senior Vice President at TECOM Group, said: “Start-ups are powerful engines of long-term economic growth that tangibly benefits future generations. The funding milestone achieved by in5’s start-ups strengthens our mission to unlock entrepreneurial excellence by facilitating opportunities, partnerships, and investor engagement avenues. in5’s dynamic and global community is driving Dubai’s efforts to foster a globally attuned innovation landscape that achieves the goals of the Dubai Economic Agenda D33”.
in5 has nurtured more than 1,000 start-ups across the technology, media, design, and science sectors since its inception in 2013 by TECOM Group, the creator of 10 specialised business districts and vibrant communities in Dubai.
This includes in5 Tech, housed at a dedicated in5 Innovation Centre at Dubai Internet City as well as in5 Media, based at Dubai Production City and in5 Design, based at Dubai Design District (d3).
in5 Media’s active start-up numbers noted annual growth of 20 per cent in the first half of this year as government initiatives to strengthen the regional creative economy, including Dubai Media’s vision to bolster the competitiveness of media institutions, attract a wider cohort of talent to the city.
in5 Science, which marked its first anniversary in June 2024, provides an enabling platform to more than 35 future-focused science start-ups. Launched in collaboration with Dubai Science Park, TECOM Group’s dedicated ecosystem for the life, energy, and environment sciences, in5 Science is cultivating a regional base of innovators in line with the Dubai Research and Development Programme’s vision.
While global trends are indicative of a shift in start-up funding amid the prioritisation of sustainable ventures, funding for artificial intelligence (AI) companies has held steady in 2024.
Shored up by strategies such as Dubai Economic Agenda ‘D33’, Dubai’s pro-innovation framework is enriching the regional pool of entrepreneurs harnessing technology to offer improved consumer services.
This is underscored by the incubator’s recent success stories, including Ziina, a fintech start-up providing peer-to-peer payment for mobile apps, that raised AED80.8m ($22m) in a Series A funding round in September 2024.
Podeo, the world’s largest podcast distribution platform founded at in5, raised AED19.8m ($5.4m) in a Series A funding round that same month.
in5 offers start-ups in technology, media, design, and science a platform to scale up with access to advisory, mentorship, and potential investment opportunities.
in5 Tech is also home to the in5 Investor Hub, a space where angel investors, venture capitalists, and institutional investors can directly engage with start-ups at in5 for funding and partnership opportunities.
in5’s participation at Expand North Star is part of its commitment to spotlighting its innovative ecosystem to more than 1,200 global investors expected at the event, including start-ups such as AI-enabled communications specialist Grambell, based at in5 Tech, and flexible stay online travel agency (OTA) Estaie, incubated at in5 Media.
in5 is the start-up and entrepreneurship incubator founded by TECOM Group, which has contributed to the city’s economic ambitions for more than two decades through sector-focused districts including Dubai’s:
- Internet City
- Media City
- Studio City
- Production City
- Knowledge Park
- International Academic City
- Science Park
- Design District (d3)
- Industrial City
