in5 launches space for investors to stimulate investment and entrepreneurship in the region
in5, TECOM Group’s platform for technology, design and media entrepreneurs, announced the opening of a brand new dedicated space for angel investors, venture capitalists and institutional investors in the heart of the in5 Technology Center in Dubai Internet City.
Expanding on in5’s existing offerings, the permeable space will allow investors to interact directly with startups at in5 for funding and partnership opportunities, reinforcing Dubai’s global status as an attractive destination for investment and entrepreneurs. The announcement was made at Step Conference 2022, Dubai’s largest tech festival, held in strategic partnership with Dubai Internet City.
The first-of-its-kind space provides the growing number of investors in the UAE business ecosystem with a common platform to meet and work with each other and with ambitious entrepreneurs in the heart of a thriving startup community. in5 has always facilitated access to investors for companies at different stages of their entrepreneurial journey, from seed funding to Series A fundraising. This addition to the platform system aims to further empower entrepreneurs by giving them seamless access to potential investment opportunities and coaching sessions to drive growth and innovation.
In recent years, the MENA region has become a hotbed of investment activity, paving the way for more funding for emerging startups. According to MAGNiTT, the region’s leading data platform, the MENA region had $2.6 billion in venture capital funding in 2021, the highest in the region’s history. The UAE was the most active market, with startups accounting for 45% of all funding raised in the region in 2021. The UAE’s favorable business environment, growing number of startups, and strategic location between East and West make it more attractive to venture capital funds and investors from around the world. Government initiatives have contributed to the country’s ranking among the best places to start a new business in the latest Global Entrepreneurship Index, which is likely to further fuel investor interest in the Middle East and North Africa.
in5 aims to further improve the investment climate by expanding investor access to leading startups in its ecosystem. At the end of 2021, in5 startups reached a new milestone, crossing the Dh1.4 billion investment mark, a sign of the emirate’s strong position and its favorable environment for promising investment opportunities. Direct investment came through venture capital and angel investors.
Since its inception, the incubator has supported more than 500 businesses, a quarter of which are led and run by women entrepreneurs, nearly double the regional average of women-owned SMEs, according to the World Bank, and in line with international standards in countries like Australia, Europe and North America.
Speaking about the latest addition to in5, Majed Al Suwaidi, managing director of Dubai Media City, said: “Over the past twenty years, Dubai has successfully created a globally competitive business ecosystem and has become an attractive destination for entrepreneurs and investors from around the world. The comprehensive physical and digital infrastructure and business-friendly environment have created a fertile environment for talent and startups to grow, thrive and innovate, and in5 plays an important role in providing them with a favorable platform to start.”
“Facilitating access to funding has always been an integral part of our offerings – it’s what has allowed our startups to reach new milestones and grow regionally and internationally. It is important for us to continually adapt our offerings to match the evolving global investment landscape, and the latest addition to the key benefits of in5 is an innovative solution to further develop the region’s rich and ambitious entrepreneurial spirit.”
in5 was founded as a technology-focused business incubator and then quickly grew to become a state-of-the-art hub supporting technology, media and design startups. Notable startups that have successfully received significant investment through the incubator include platform tabby, which has raised about Dh485 million in the past year and now works with leading retail brands such as adidas, Ikea and Shein. Sunglasses e-commerce company Eyewa, which received Dh77 million in total funding, has also gained significant traction with its fast delivery, quality service and brand roster.
.@in5dubai has announced the introduction of a brand-new dedicate space to accommodate angel investors, venture capitalists and institutional investors at the heart of in5 Tech centre in @DIC_Community. #Dubai https://t.co/jev7IPFojr pic.twitter.com/qgpRu3jLEX
— Dubai Media Office (@DXBMediaOffice) February 24, 2022
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