A New Milestone: in5's Startups In Dubai Cross AED1.4 Billion Investment Mark
in5, an enabling platform for entrepreneurs to incubate and grow their businesses in Dubai, has achieved a new milestone as its startups crossed the AED1.4 billion investment mark, reaffirming the Emirate's status as a hub for talent and entrepreneurship.
in5, an enabling platform for entrepreneurs to incubate and grow their businesses in Dubai, has achieved a new milestone as its startups crossed the AED 1.4 billion investment mark, reaffirming the Emirate's status as a hub for talent and entrepreneurship.
A few of in5’s startups that have raised significant investments include buy-now-pay-later startup tabby, which raised approximately AED485 million in the last year, with a clientele including retail brands adidas, Ikea, and Shein.
Eyewear e-commerce company Eyewa, which secured AED77 million in total funding, has used its investment to branch out into offline retail and expand across the MENA region.
Other companies include agritech startup Desert Control, which have successfully raised approximately AED85 million in its initial public offering (IPO) on Euronext Growth Oslo, a trading facility by the Oslo Stock Exchange.
In5 alum Derq has also expanded its reach globally by partnering with driverless technology pioneer Motional to pilot autonomous vehicles with smart infrastructure in Las Vegas.
in5 at Gitex Technology Week 2021
Launched by Dubai Internet City, in5 started as a tech-focused business incubator and has evolved with state-of-the-art centers supporting media and design startups. In 2020, more than 150 new companies joined in5’s program, totaling its portfolio to 500 startups.
A statement from in5 noted that a quarter of these are led and managed by female entrepreneurs, nearly twice as high as the regional average of women-owned SMEs, according to the World Bank.
“This milestone by in5’s startups is in line with the vision of our leaders to create an environment that empowers startups and entrepreneurs," said Ammar Al Malik, Managing Director, Dubai Internet City. "We are truly proud of our community and their achievements."
According to Malik, this accomplishment is testament to the determination and hard work showcased by the in5 community, even through the COVID-19 pandemic.
“Our talented entrepreneurs proved their agility, determination and persistence in seizing new opportunities across tech, media, and design," he added. "Their unwavering resilience resulted in innovative solutions and products that were not only relevant to an increasingly diverse marketplace, but also addressed the market needs.”
As for the road ahead for in5, Malik said, “We will continue to boost our competitive startup ecosystem through state-of-the-art infrastructure and equipment, simplified business setup, mentorship, workshops and networking events, as well as access to investors.”
As part of Dubai Internet City's pavilion, in5 also hosted startups on its stand at the 2021 Gitex Technology Week, one of the largest technology exhibition in the MENA region. Featured startups include IngenioData, a navigational augmented reality tech startup; Electrified, an online marketplace for electric vehicle owners; and Veehive, a mobile-first online streaming community that offers creator's tools to easily manage and monetize content.