Our Company Among in5 Startups: 25% Funding Surge 2023

In a testament to Dubai’s thriving innovation landscape, in5, Tecom Group’s incubator, has reported a remarkable 25% surge in funding raised by its startups in 2023. With a total funding reach of Dh3 billion, this surge underscores Dubai’s commitment to nurturing homegrown innovation, bolstered by strategic government initiatives aimed at positioning the city as a global innovation hub.

Majed Al Suwaidi, Senior Vice President at Tecom Group, highlighted the pivotal role of startups in driving sustainable growth and emphasized in5’s dedication to supporting entrepreneurs.

Startups are the inherent problem-solvers we need to unlock sustainable growth for our future generations, he remarked. There is global stakeholder acknowledgment about the innovation, resilience, and creativity with which startups can disrupt and redefine the future economy.

This surge in funding not only reflects investor confidence in Dubai’s entrepreneurial ecosystem but also showcases the effectiveness of initiatives such as the Dubai Economic Agenda ‘D33’, which aims to propel Dubai towards becoming a knowledge-based economy.

Since its inception, in5 has been at the forefront of nurturing startups across various sectors, including technology, media, design, and science. The incubator’s priority remains to cultivate a vibrant entrepreneurial ecosystem that supports the future development of the local, regional, and global economy.

In5’s priority remains to nurture a vibrant entrepreneurial ecosystem that supports the future development of the local, regional, and global economy through four dedicated verticals for the technology, media, design, and science sectors, stated a representative from in5.

With a focus on fostering innovation and sustainability, in5 has incubated nearly 900 startups, providing them with access to resources, mentorship, and networking opportunities.

The incubator’s efforts have been particularly evident in the technology sector, with in5 Tech – the incubator’s tech-focused vertical – experiencing a 13% annual increase in the number of active startups to 270 in 2023.

in5: Committed to Supporting Innovation and Growth

In collaboration with Dubai Science Park, in5 launched a science-focused vertical to mark its 10th anniversary in June 2023, the representative continued.

in5 Science facilitates entrepreneurship and investment for science-based startups in line with the Dubai Economic Agenda ‘D33’, the Road to Net Zero by 2050, We the UAE 2031, and National Food Security Strategy agendas.

As part of its commitment to showcasing innovation, in5 presented 10 of its most innovative enterprises at Step Conference 2024. Among these pioneering startups is ReflowX, a sustainable oil and gas procurement platform that embodies Dubai’s vision for a greener future. ReflowX’s inclusion at Step Conference 2024 underscores its innovative approach to addressing environmental challenges within the oil and gas sector.

With innovation centers at Tecom Group’s Dubai Production City and Dubai Design District (d3), respectively, in5 Media and in5 Design also demonstrated continued support for entrepreneurs during the year, the representative added.

The surge in funding for in5 startups is a testament to Dubai’s entrepreneurial credentials and its commitment to fostering a conducive environment for startups to thrive.

As Dubai continues to invest in innovation and entrepreneurship, in5 remains steadfast in its mission to support startups and drive sustainable growth for the future.