in5 startups raise Dhs65m in H1 2020
Dubai’s platform for startups and entrepreneurs, in5, announced that its members have raised more than Dhs65m in direct investment during the first half of 2020.
The half-yearly investment – the highest six-month amount generated by in5 startups – came through multiple channels such as venture capital funds or angel investors.
Furthermore, 41 new companies joined the startup incubator in the first six months of the year, totaling the active startups at in5 to 216.
During H1 2020, in5 concluded 320 advisory and mentorship hours for startups and entrepreneurs working across its technology, media and design ecosystems.
in5 startups generated more than Dhs400m in funding between 2013 and 2019.
While small businesses, startups and SMEs have been battered by the fallout of the pandemic, entrepreneurs have successfully identified opportunities to raise capital underscoring the contribution of Dubai’s entrepreneurial ecosystem towards the UAE’s economic recovery.
Majed Al Suwaidi, managing director of Dubai Media City and an in5 leader, said: “At in5, it is our endeavour 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.”
“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.”
Launched in 2013 by TECOM Group, a member of Dubai Holding, in5 is backed by a steering committee of over 20 experts from Accenture, Microsoft and Chalhoub Group.
The first half of 2020 has seen $695m invested in MENA-based startups, 95 per cent of the total venture investments of 2019, a recent MAGNiTT report suggested.