in5, Tecom Group’s platform for entrepreneurs in tech, design and media, has announced the introduction of a new dedicated space to accommodate angel investors, venture capitalists and institutional investors.
Located at the heart of in5 Tech centre in Dubai Internet City, the permeant space will enable investors to directly engage start-ups at in5 for funding and partnership opportunities, enhancing Dubai’s global status as an attractive destination for investment and entrepreneurs, a statement said.
The announcement was made at Step Conference 2022, the largest tech festival in Dubai hosted in strategic partnership with Dubai Internet City.
The space provides the growing volume of investors entering the UAE’s business ecosystem a common meeting and workplace to engage one another as well as ambitious entrepreneurs, the statement said.
It added that the new space aims to further empower entrepreneurs with unimpeded access to potential investment opportunities and coaching sessions to stimulate growth and innovation.
In recent years, the MENA region has become a hotbed for investment activity, paving the way for greater funding for emerging start-ups.
According to the region’s leading data platform MAGNiTT, MENA recorded $2.6 billion in VC funding in 2021, a record amount.
The UAE was most active market with startups accounting for 45 percent of all funding raised across the region last year.
in5 said it aims to further enhance the investment climate by boosting investor access to leading start-ups in its ecosystem. At the end of 2021, in5 start-ups exceeded the AED1.4 billion investment mark. The direct investments came through venture capital and angel investors.
More than 500 businesses have been supported by the incubator since its inception, of which a quarter are led and managed by female entrepreneurs — nearly twice as high as the regional average of women-owned SMEs, according to the World Bank.
Majed Al Suwaidi, managing director of Dubai Media City, told Arabian Business: “The entrepreneurial spirit in our region is diverse and ambitious, supported by our visionary leadership. The UAE government and key players in the ecosystem are making significant strides in maturing the start-up ecosystem by attracting new talent and opportunities for funding – we see this in how much the investment landscape has expanded locally in recent years.
“The new dedicated space for investors at in5 aims to boost Dubai’s ambitions to become a hotbed for disruptive start-ups and unicorns. Entrepreneurs can seek opportunities for funding to scale-up and enjoy sustainable growth. We also expect it to become a lively hub where established and interested investors alike can interact and share valuable insights that enrich our start-up community.”
He added: “Facilitating access to funding has always been an integral part of our offerings – it is what enabled our startups reach new milestones and grow regionally and internationally.”
in5 was launched as a tech-focused business incubator before rapidly growing with centres supporting tech, media and design start-ups. Notable start-ups that successfully secured investments through the incubator include buy-now-pay-later platform Tabby (pictured above), which raised approximately AED485 million in the last year and now works with leading retail brands such as adidas, Ikea and Shein.
Sunglasses e-commerce company Eyewa, which secured AED77 million in total funding, has also amassed a significant following for its fast delivery, quality service and roster of brands
