in5, a Dubai-based startup incubator operated by Tecom Group has reported that its startups have raised a total of AED 65 million (around $17.6 million) in the first half of 2020. Various venture capitalists, private funds, and both medium & large-sized enterprises participated in the investments.
in5 saw 41 new startups join during the six-month period – increasing the total number of startups incubated by in5 to 216. A number of most notable startups incubated by in5 includes: Crowd Analyzer, an Arabic social media monitoring platform; Remiter, money remittance firm; and Wrapupp, an AI-driven app acquired by Silicon Valley-based firm Voicera. Mentors and investors associated with in5 under three different incubators focus on technology, design and media niches.
Majed Al Suwaidi, Managing Director of Dubai Media City, heads of the incubator programme, in a statement said,
“Mentorship and networking opportunities are fundamental to our operations at in5. The number of home-grown innovators joining in5 year-on-year coupled with investment growth demonstrates our continued commitment to attract and develop talent in Dubai,”
Speaking of the vision of in5, Suwaidi added,
“At in5, it is our endeavour to create a best-in-class platform for entrepreneurs and start-ups to launch and scale their ventures in an agile, business-friendly environment,”
Started in 2013, in5 has until now helped over 347 entrepreneurs raise funds. The incubator aims to add value to the technology landscape of Dubai whilst helping regional startups access both regional and global resources.
The incubator in the statement further highlighted,
“Small businesses, start-ups and SMEs have been among the hardest hit sectors due to the coronavirus pandemic, but agile entrepreneurs have successfully identified opportunities to raise capital,”