The incubator has added 41 teams to its portfolio in H1 2020, bringing its total to 218 active startups.
Dubai’s in5 incubator, owned by business community developer and operator Tecom Group, has raised more than AED65 million ($17.7 million) during H1 2020 in direct investments led by several venture capital funds.
During the first six months of 2020, 41 startups have joined the incubator’s slate, bringing the total up to 218 active enrolled startups, according to a statement by in5. The incubator is striving to aid startups during these turbulent times by being a holistic knowledge and support hub supporting students, aspiring entrepreneurs and seasoned professionals all the same.
While the pandemic has put every business to the test, startups and SMEs have especially been left disadvantaged by the economic downturns resulting from the Coronavirus crisis. But things might be looking up. A recent report by MAGNiTT reported that MENA-based startup investments have reached great heights in H1 2020, totalling $659 million, an even greater milestone considering that number represents 95% of investments made throughout all of 2019. The ecosystem's agility to create adaptive platforms catering to MENA startups is definitely a factor that’s helping entrepreneurs raise capital.
“Mentorship and networking opportunities are fundamental to our operations at in5 – and 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,” says Majed Al Suwaidi, Managing Director of Dubai Media City and an In5 leader.
In5 has deployed cutting-edge tech and methods from across its design and media portfolio to fulfil almost 320 advisory and mentorship hours for founders and entrepreneurs in H1 2020. The incubator’s reigning committee all boast impressive backgrounds, with experts from local and international heavyweights such as Accenture, Microsoft and Chalhoub Group.
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