Startups at Dubai’s in5 secure investments worth Dhs1.4bn

Startups at in5, an enabling platform for entrepreneurs in Dubai, have collectively secured direct investments of over Dhs1.4bn through venture capital and angel investors.

More than 150 new companies joined in5 since 2020, bringing the total number of startups supported by the incubator to 500.

Of these, 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.

Notable startups that have secured significant investments include buy-now-pay-later start-up tabby, which raised approximately Dhs485m in the last year and now works with leading retail brands such as adidas, Ikea and Shein.

Sunglasses e-commerce company Eyewa meanwhile has secured Dhs77m in total funding.

Other prominent startups include agritech specialist Desert Control, which successfully raised Dhs85m in its initial public offering (IPO) on Euronext Growth Oslo, a multilateral trading facility operated by the Oslo Stock Exchange.

Read: Desert Control joins Dubai’s in5’s alumni network after raising Dhs85m in IPO

In5 alum Derq also made an international impression, partnering with driverless technology pioneer Motional to pilot autonomous vehicles with smart infrastructure in Las Vegas.

We are proud to announce that our @in5dubai startups have raised AED 1.4 billion investments through venture capital and angel investors.

Read more: https://t.co/nJ2oRjdR1n pic.twitter.com/1J4YYkawoR

— in5 Dubai (@in5dubai) October 18, 2021

Dubai Internet City launched in5 as a tech-focused business incubator before growing it into centres that support media and design startups.

The three in5 centres provide launching pads for entrepreneurs to develop their businesses with expert mentorship, networking and funding opportunities. in5 offers five key benefits to members: business incubation, creative working spaces, mentorship and advisory, access to more than 400 annual workshops and events, and access to investors. A membership scheme provides students, freelancers, professionals and the wider public with access to the facilities at competitive rates.

“Despite the global impact of the Covid-19 pandemic, our talented entrepreneurs proved their agility, determination and persistence in seizing new opportunities across tech, media and design. Their unwavering resilience resulted in innovative solutions and products that were not only relevant to an increasingly diverse marketplace, but also addressed the market needs. We also recognise the pivotal role key partners have played in achieving this milestone, from government departments and international institutions to our steering committee of more than 20 industry experts,” said Ammar Al Malik, managing director of Dubai Internet City.

“We will continue to boost our competitive start-up ecosystem through state-of-the-art infrastructure and equipment, simplified business setup, mentorship, workshops and networking events, as well as access to investors.”