In5 Start-ups Record Remarkable 25% Funding Growth In 2023, Empowering Dubai’s Innovation Scene

TECOM Group's incubator, in5, has demonstrated significant growth in 2023, with a 25 percent increase in funding raised by start-ups since its inception. This growth underscores Dubai's strong entrepreneurial spirit and investor confidence in its business-friendly environment. The announcement was made during the Step Conference 2024, held on 21-22 February in Dubai, in partnership with Dubai Internet City. The increase in funding, which reached AED 3 billion last year, highlights the rising interest in Dubai's homegrown enterprises, spurred by government strategies aimed at bolstering Dubai's status as a global innovation hub.

Majed Al Suwaidi, Senior Vice President at TECOM Group, emphasized the role of start-ups as crucial problem-solvers for sustainable future growth. He highlighted the global recognition of start-ups' innovation, resilience, and creativity in reshaping the future economy. Al Suwaidi reaffirmed in5's commitment to overcoming obstacles for enterprising futurists and supporting the Dubai Economic Agenda 'D33'. In5 focuses on fostering a dynamic entrepreneurial ecosystem across technology, media, design, and science sectors to support local, regional, and global economic development.

Since its inception, in5 has incubated nearly 900 start-ups. The technology sector, in particular, has seen a notable annual growth of 13 percent, with 270 active start-ups in 2023. In5 Tech, located at Dubai Internet City, is a testament to this growth. At the Step Conference 2024, in5 showcased 10 of its most innovative enterprises, including BitAffix, ReflowX, Writefully, Arabiatee, and Estaie. This diversity reflects TECOM Group's commitment to cross-disciplinary collaboration.

International Collaborations and Sustainability Initiatives

The incubator has also welcomed start-ups from Luxembourg and Poland following memorandums of understanding with Luxembourg Trade and Investment Office and Polish Investment and Trade Agency. As part of its dedication to fostering globally impactful innovation, in5 is the Execution Partner for Dubai Holding’s ‘Innovate for Tomorrow’ challenge. This challenge focuses on addressing critical sustainability challenges in the UAE. Huda Buhumaid, Chief Impact Officer at Dubai Holding, praised the initiative for promoting sustainable consumption and production practices.

The Innovate for Tomorrow challenge winners will receive access to in5’s resources and mentorship pathways, along with a cash prize. The winner will also have an exclusive opportunity to implement their solution through a four-month pilot programme at Dubai Holding. This comprehensive support package underscores in5's role as a pivotal player in nurturing future innovations that contribute to a sustainable and prosperous economy.

With inputs from WAM