TECOM Group's Startup Incubator In5 Sees Its Entrepreneurs Raise AED65 Million In First Half Of 2020
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More than AED65 million has been raised in the first six months of 2020 by entrepreneurs falling under the umbrella of TECOM Group’s startup incubator in5 in Dubai, UAE.
A statement by in5 revealed that the half-year figure is the highest six-month cumulative investment garnered by in5 startups since 2013.
41 new startups were reported to have joined the startup incubator this year as well, which brings the total number of active startups at in5 to 216 now.
in5 also noted that it had concluded 320 advisory and mentorship hours for startups and entrepreneurs working across sectors like technology, media, and design this year.
Launched in 2013 by TECOM Group, a member of Dubai Holding, in5 has helped over 347 entrepreneurs raise more than AED465 million in the years since its inception.
“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,” Majed Al Suwaidi, Managing Director of Dubai Media City and an in5 leader, said in the statement. “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.”