In5, part of TECOM Group PJSC, has announced a 20% increase in total funding raised by start-ups within its ecosystem over the last decade.
Founded in 2013, the entrepreneurship platform revealed in a statement that funding had risen to more than AED 2.9 billion with a surge in new ventures in 2023. More than 850 start-ups are now on the incubator’s platform including 120 new enterprises which joined its portfolio over the first nine months of this year.
Speaking on behalf of in5, Majed Al Suwaidi, Senior Vice President of Dubai Media City, said: “Entrepreneurs and start-ups are the heartbeat of a thriving economy, and they play a pivotal role in shaping the future of economies, fostering a culture of innovation, and driving sustainable progress for society as a whole.”
He added: “In5’s milestones demonstrate the robustness of our incubation programme and the confidence that investors have in the ingenuity and vision of innovators and entrepreneurs in Dubai, whose efforts will shape the future of our region and beyond.”
In addition, recent fintech research conducted by red_mad_robot revealed that Middle East fintech start-ups received funding of approximately $2 billion between 2021 and 2023
The report found that despite a fall in fintech investments globally, the Middle East has fared better than other regions: with total funding amounting to up to $1.5bn including 2000 new established companies established. Amongst this, UAE was recorded as the most active country in the region, taking up about 40-43% of the total share of new investments.
