TECOM Group PJSC’s incubator in5 has reported that funding raised by start-ups since its inception increased by 25% in 2023.
The surge in funding, which reached AED 3 billion last year was announced on the side-lines of the Step Conference 2024 held in Dubai in strategic partnership with Dubai Internet City,
Annual growth in the in5 ecosystem was particularly evident in the technology sector, with in5 Tech, the incubator’s tech-focused vertical that has a base at Dubai Internet City, noting a 13% increase in its number of active start-ups to 270 in 2023.
Speaking on behalf of in5, Majed Al Suwaidi, Senior Vice President at TECOM Group PJSC, said: “Start-ups are the inherent problem-solvers we need to unlock sustainable growth for our future generations. There is global stakeholder acknowledgement of the innovation, resilience, and creativity with which start-ups can disrupt and redefine the future economy, and in5’s recent track record reaffirms its vision to mitigate roadblocks for the world’s most enterprising futurists.
“As an essential pillar of entrepreneurship in the region, in5 will continue to nurture our cohort of entrepreneurs and strengthen the pathways towards fulfilling the goals of the Dubai Economic Agenda ‘D33’.”
As part of this support, in5 is presenting 10 of its most innovative enterprises at Step Conference 2024, including 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.
it is also Execution Partner for Dubai Holding’s ‘Innovate for Tomorrow’ challenge which is seeking to address critical sustainability challenges in the UAE. The winner and runner-up of the Innovate for Tomorrow challenge, which is accepting applications until 31 March, will receive a comprehensive awards package, including access to in5’s support, resources, and mentorship pathways, and a nominal cash prize. They will also be able to implement their solution through a four-month pilot programme at Dubai Holding.
Over a decade after it was founded, in5’s success stories include buy-now-pay-later platform Tabby, which recently achieved unicorn status; Detectiome, which launched its artificial intelligence-powered multicancer early detection test ‘Revonco’ in October; and regional music streaming giant Anghami.
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Image source: in5
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