Direct investment secured from various funding sources including venture capital funds and angel investors
Dubai-based start-up incubator in5 raised more than AED65m ($17.7m) in direct investment in the first half of this year, the highest six-month amount raised collectively by start-ups since its launch in 2013.
The investment was secured from various funding sources including venture capital funds and angel investors.
During the first six months of the year 41 new companies joined the incubator, bringing the total number of active start-ups at in5 to 216.
Majed Al Suwaidi, managing director of Dubai Media City and an in5 leader, said: “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.”
In the first half of 2020, in5 recorded 320 advisory and mentorship hours for startups and entrepreneurs working across its technology, media, and design ecosystems.
Accenture, Microsoft, and Chalhoub Group are among in5’s steering committee that comprises more than 20 experts from local and international companies. The committee selects startups and admits them to the incubator, providing mentorship among other benefits.
Over the last seven years, in5 has helped over 347 entrepreneurs raise more than AED465m ($126.6m).