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Tecom’s in5 incubator looks to raise AED 200 million for its startups
Nearly 200 startups stand to gain.
Owner and operator of 11 investment free zones, Tecom Group in Dubai is expecting to secure AED 200 million in funding for its in5 incubator’s startup participants.
This is equal to the amount it has raised over the last six years since its inception in 2013, up until 2018.
“This year is going very well ... considering the so-far performance of in5 in the first half of 2019 [and] we expect Dh200m in funding [for start-ups] by the end of this year.”Ammar Al Malik, managing director of Dubai Internet City
In5 incubator specifically focuses on startups within the Dubai Internet City ecosystem and has seen over 230 startups participate in its programme. As per DIC, an average of seven new startups are joining the incubator every month.
Seeing the increasing number of startups joining in5, the growing number of entrepreneurs establishing their businesses in the emirate with lowered government fees and easily available licenses, as well as the maturing startup ecosystem, in5 could very well raise AED 200 million. We’ll report back when they do.
