in5 startups raise AED65 million in H1 2020
Startups at in5 have raised more than AED65 million in direct investment, through multiple funding sources including venture capital funds or angel investors, during the first six months of 2020. The half-year figure is the highest six-month amount generated by in5 startups. In addition, 41 new companies joined the startup incubator in the first six months of 2020, bringing the total of active startups at in5 to 216.
While small businesses, startups and SMEs have been among the hardest hit sectors by the COVID-19 pandemic, agile entrepreneurs have successfully identified opportunities to raise capital. This suggests Dubai’s entrepreneurial ecosystem will continue to contribute to the UAE’s economic resilience and recovery, consolidating its position as a hub for talent, knowledge and innovation as markets get moving again.
Majed Al Suwaidi, Managing Director of Dubai Media City and an in5 leader, said: 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.”
Bolstering its credentials as a knowledge hub that nurtures and enables talent, in5 concluded 320 advisory and mentorship hours for startups and entrepreneurs working across its world-class technology, media and design ecosystems in H1 this year.
in5 is supported by a steering committee comprising more than 20 experts representing local and international companies such as Accenture, Microsoft and Chalhoub Group. The committee selects startups and admits them to the incubator, providing various benefits including mentorship.