Tecom Group’s incubator in5 has reported a significant 25 percent increase in funding raised by its startups since its inception, highlighting Dubai’s growing role as a hub for nurturing homegrown innovation. The surge, amounting to Dh3 billion last year, underscores the heightened interest in the city’s burgeoning enterprises, propelled by government strategies aimed at enhancing Dubai’s status as a global innovation capital.
This development, announced on the sidelines of the Step Conference 2024 in Dubai, reflects the robust investor confidence in Dubai’s pro-business environment. “Startups are essential problem-solvers for sustainable future growth,” said Majed Al Suwaidi, senior vice-president at Tecom Group, representing in5. He emphasized the global recognition of startups’ innovation, resilience, and creativity in reshaping the future economy. in5’s recent achievements reinforce its commitment to supporting enterprising individuals in overcoming obstacles and contributing to the Dubai Economic Agenda ‘D33’.
in5’s focus remains on fostering a dynamic entrepreneurial ecosystem across technology, media, design, and science sectors. Notably, in5 Tech, the incubator’s tech-focused vertical located in Dubai Internet City, witnessed a 13 percent annual increase in active startups, totaling 270 in 2023. in5 Media and in5 Design, based in Tecom Group’s Dubai Production City and Dubai Design District (d3) respectively, also showed steadfast support for entrepreneurs during the year.
Huda Buhumaid, chief impact officer at Dubai Holding, highlighted the importance of sustainability in their operations. “The Innovate for Tomorrow challenge, in partnership with Tecom Group’s in5 incubator, is geared towards fostering sustainable consumption and production practices in the UAE,” she said.
in5 showcased 10 of its most innovative enterprises at the Step Conference 2024. These include 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.
Marking its 10th anniversary in June 2023, in5, in collaboration with Dubai Science Park, launched a science-focused vertical, in5 Science. This initiative supports science-based startups, aligning with the Dubai Economic Agenda ‘D33’, the Road to Net Zero by 2050, We the UAE 2031, and National Food Security Strategy agendas, thereby fostering entrepreneurship and investment in science and technology.
in5’s remarkable growth and success in funding underscore Dubai’s strategic vision to cultivate a vibrant and innovative entrepreneurial landscape, contributing significantly to the local, regional, and global economies.
