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Dubai's Start-up Funding Soars to AED 8 Billion, Boosted by Pro-Innovation Frameworks

Photo : Dubai government media office

Funding for start-ups within TECOM Group PJSC’s entrepreneurship incubator, in5, has surpassed AED 7.8 billion since its inception, highlighting Dubai's commitment to nurturing innovation and entrepreneurship. This announcement was made during the Expand North Star event, the world’s largest gathering of start-ups and investors, which is taking place in Dubai from October 13-16. The figure represents an impressive growth of 163% compared to the total funding raised as of 2023, underscoring the accelerated progress of in5’s start-ups this year.

Majed Al Suwaidi, Senior Vice President at TECOM Group PJSC, stated, “Start-ups are powerful engines of long-term economic growth that tangibly benefits future generations.” He emphasized that the funding milestone achieved by in5’s start-ups reinforces their mission to unlock entrepreneurial excellence by facilitating opportunities, partnerships, and avenues for investor engagement. Al Suwaidi added that in5’s dynamic and global community is playing a pivotal role in driving Dubai’s efforts to create a world-class innovation landscape aligned with the Dubai Economic Agenda ‘D33’.

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Since its establishment in 2013, in5 has supported over 1,000 start-ups across diverse sectors, including technology, media, design, and science. The incubator comprises in5 Tech, located at the in5 Innovation Centre in Dubai Internet City, in5 Media, based at Dubai Production City, and in5 Design, situated in Dubai Design District (d3). Notably, in5 Media has seen a 20% increase in active start-ups in the first half of this year, driven by government initiatives aimed at enhancing the regional creative economy, including a vision to improve the competitiveness of media institutions and attract a broader talent pool to the city.

In5 Science, which celebrated its first anniversary in June 2024, serves as a platform for over 35 innovative science start-ups. Launched in partnership with Dubai Science Park, this initiative aligns with the Dubai Research and Development Programme’s goals to cultivate a strong base of regional innovators in the life, energy, and environmental sciences.

Despite global trends indicating a shift in start-up funding towards sustainable ventures, investment in artificial intelligence (AI) companies remains strong in 2024. Dubai’s pro-innovation framework, bolstered by strategies such as the Dubai Economic Agenda ‘D33’, is enhancing the local entrepreneurial landscape, enabling businesses to leverage technology for improved consumer services. Recent success stories from the incubator include Ziina, a fintech start-up that raised AED 80.8 million in a Series A funding round in September 2024, and Podeo, the largest podcast distribution platform, which secured AED 19.8 million in Series A funding during the same period.

In5 provides a robust platform for start-ups in technology, media, design, and science, offering access to mentorship, advisory services, and potential investment opportunities. The in5 Investor Hub is a dedicated space for angel investors, venture capitalists, and institutional investors to connect directly with start-ups seeking funding and partnerships.

Participating in Expand North Star reflects in5’s commitment to showcasing its innovative ecosystem to over 1,200 global investors expected at the event. Among the start-ups featured are Grambell, an AI-enabled communications specialist based at in5 Tech, and Estaie, a flexible online travel agency incubated at in5 Media.

In5 stands as a testament to TECOM Group’s contribution to Dubai’s economic ambitions, having established sector-focused districts such as 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 over the past two decades.

Oct. 14, 2024 5:08 p.m. 419

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