Dubai’s pro-innovation framework is fueling the growth of start-ups, with in5, TECOM Group PJSC’s entrepreneurship incubator, seeing a remarkable 163% surge in funding raised by its startups in 2024. This brings the total funding secured by in5’s start-ups to AED 7.8 billion since its inception. This announcement was made on the sidelines of Expand North Star, the world’s largest event for startups and investors, held in Dubai from October 13th to 16th.
The significant increase in funding reflects the accelerated growth of in5’s start-ups this year. “Start-ups are powerful engines of long-term economic growth that tangibly benefits future generations,” said Majed Al Suwaidi, Senior Vice President at TECOM Group PJSC, on behalf of in5. “The funding milestone achieved by in5’s start-ups strengthens our mission to unlock entrepreneurial excellence by facilitating opportunities, partnerships, and investor engagement avenues. in5’s dynamic and global community is driving Dubai’s efforts to foster a globally attuned innovation landscape that achieves the goals of the Dubai Economic Agenda ‘D33’.”
Since its establishment in 2013, in5 has nurtured over 1,000 start-ups across the technology, media, design, and science sectors. This includes in5 Tech, located at the dedicated in5 Innovation Centre at Dubai Internet City, in5 Media, based at Dubai Production City, and in5 Design, based at Dubai Design District (d3). in5 Media saw its active start-up numbers grow by 20% in the first half of 2024, driven by government initiatives aimed at strengthening the regional creative economy and attracting talent to Dubai. Launched in collaboration with Dubai Science Park, in5 Science celebrated its first anniversary in June 2024 and is home to over 35 science start-ups focused on the future. This initiative is cultivating a regional base of innovators aligned with the Dubai Research and Development Programme’s vision.
The success of in5’s start-ups is further bolstered by Dubai’s pro-innovation framework, including the Dubai Economic Agenda ‘D33′. This framework is fostering an environment where entrepreneurs leverage technology to provide enhanced consumer services. This is evident in the recent success stories of in5 incubated start-ups like Ziina, a fintech company offering peer-to-peer payment for mobile apps, which raised AED 80.8 million in a Series A funding round in September 2024. Podeo, the world’s largest podcast distribution platform founded at in5, also secured AED 19.8 million in a Series A funding round during the same month.
In5 provides a platform for start-ups in technology, media, design, and science to scale up, offering access to advisory, mentorship, and potential investment opportunities. in5 Tech also houses the in5 Investor Hub, a space where angel investors, venture capitalists, and institutional investors can connect with in5 start-ups for funding and partnership opportunities.
In5’s participation at Expand North Star underscores its commitment to showcasing its innovative ecosystem to over 1,200 global investors expected at the event. This includes start-ups like AI-enabled communications specialist Grambell, based at in5 Tech, and Estaie, a flexible stay online travel agency (OTA) incubated at in5 Media.
In5, the start-up and entrepreneurship incubator founded by TECOM Group, has played a vital role in driving Dubai’s economic ambitions for over two decades through its sector-focused districts, including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park, Dubai Design District (d3), and Dubai Industrial City.
About TECOM Group PJSC: TECOM Group has been developing strategic, sector-focused business districts across Dubai since 1999. The company plays a pivotal role in solidifying Dubai’s position as a global business and talent hub. TECOM Group’s portfolio encompasses 10 business districts catering to 6 vital knowledge-based economic sectors: design, education, manufacturing, media, science, and technology. The Group provides a diverse range of leasing options, including offices, co-working spaces, warehouses, and land, to over 11,000 customers and more than 124,000 professionals. TECOM Group also offers additional value-added services to foster a thriving environment for businesses and entrepreneurs, facilitating engagement within the districts’ communities. Government and corporate services are accessible through an integrated smart services platform, ‘axs,’ which enhances ease of doing business and provides seamless experiences for community members. TECOM Group also provides industry-specialized facilities such as media production studios, laboratories, and higher education campuses. in5, TECOM Group’s enabling platform for entrepreneurs and start-ups, offers innovation centres supporting tech, media, and design start-ups and SMEs. Their future-focused co-working spaces, D/Quarters, deliver stimulating work environments for tenants, and the ‘GoFreelance’ package caters to freelancers. For more information, visit www.tecomgroup.ae.
