in5, an enabling platform for startups and entrepreneurs launched by Dubai’s TECOM Group, announced that its members have raised more than 65 million dirhams ($17.7 million) in direct investment, through multiple funding sources such as venture capital funds or angel investors, during the first six months of 2020.
After generating more than 400 million dirhams in funding between 2013 and 2019, the half-year figure is the highest six-month amount generated by in5 startups. Furthermore, 41 new companies joined the startup incubator in the first six months of the year, bringing the total number of active startups at in5 to 216.
Majed Al-Suwaidi, managing director of Dubai Media City and an in5 leader, said: “At in5, it is our endeavor to create a best-in-class platform for entrepreneurs and startups to launch and scale their ventures in an agile, business-friendly environment with state-of-the-art infrastructure and streamlined corporate and government services.”
He added: “Mentorship and networking opportunities are fundamental to our operations at in5 — and the number of homegrown 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.”
