Emirates News Agency – Startups in the in5 business incubator attract 1.4 billion dirhams in funding

Emirates News Agency – Startups in the in5 business incubator attract 1.4 billion dirhams in funding
Emirates News Agency – Startups in the in5 business incubator attract 1.4 billion dirhams in funding

DUBAI, 18th October / WAM/ The in5 business incubator, specialized in empowering entrepreneurs and emerging companies, has achieved a new achievement recently, as the total funds raised by emerging companies within the incubator exceeded 1.4 billion dirhams, which once again consolidates Dubai’s leading position as an attractive destination for talents and entrepreneurs.

With the support of the incubator, the startups obtained direct funding from independent investors, venture capital funds, or investment portfolios.

More than 150 new startups have joined in5 since the beginning of 2020, bringing the total number of companies in it to 500, a quarter of which are led and managed by women entrepreneurs, which is almost double the regional rate of small and medium-sized companies owned by women entrepreneurs and in line with the rate in Europe, North America, Australia and other countries Markets in which there are a large number of emerging companies, according to World Bank statistics.

Notable startups that have successfully completed financing deals include Tappy, which raised around Dh485 million and now works with leading retail brands such as Adidas, IKEA and Sheen. 77 million dirhams, as the company succeeded in attracting a large customer base thanks to its speed of delivery, the quality of its services and its diverse group of the most important brands.

Among the other innovative companies are Desert Control, which uses advanced technologies to transform desert sands into arable soil, as the company was able to obtain financing equivalent to 85 million dirhams through an initial offering of its shares in the Oslo Startup Index, in addition to Dirk, which It has partnered with a leader in self-driving technology, Motional, to pilot its smart vehicle steering technologies in Las Vegas.

Dubai Internet City was launched in5 as a technology-focused business incubator and has grown and developed significantly to include three centers that support startup companies in the fields of media and design as well. These centers provide platforms for budding entrepreneurs to develop their businesses through specialized guidance and opportunities to communicate with investors.

in5 offers five main member benefits which are business incubation, creative workspaces, mentorship and consultancy, access to over 400 annual workshops and events, as well as access to investors. In addition, the membership system provides students, independent talent and professionals with access to various facilities at competitive rates.

Dubai has succeeded over the past twenty years in creating a global competitive business environment and has established itself as an attractive destination for talent, entrepreneurs and investors from all over the world. at the international level.

Ammar Al Malik, General Manager of Dubai Internet City, said: “Over the past two decades, Dubai Internet City has evolved from a hub for global technology companies into a thriving and vibrant community that embraces startups and entrepreneurs working alongside technology giants to develop and export technology around the world.”

He added: This achievement by in5 startups is in line with the vision of our wise leaders to establish a business environment capable of empowering startups and supporting entrepreneurs. We are proud of our community and its unique achievements.

Al-Malik noted the pivotal role played by the main partners in achieving this achievement, including the strategic partners in government agencies and international institutions, and members of the Guidance and Guidance Committee, which includes more than 20 experts in the technology sector, noting that their continuous support has resulted in the promotion of entrepreneurship at all levels.

He said: Despite the global impact of the Covid-19 pandemic, entrepreneurs have proven their ability to adapt and have shown flexibility and determination to seize new opportunities in the fields of technology, media and design, and the result of their determination and tireless efforts have resulted in more innovative solutions and products that have succeeded in meeting the growing technical needs of various sectors.

He stressed the continuation of enhancing the entrepreneurship environment through modern infrastructure and equipment, focusing on ease of doing business, guidance, workshops and networking events, as well as facilitating access to investors.

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