in5, an enabling platform for entrepreneurs, recently reached a new milestone as its start-ups crossed the AED1.4 billion investment mark, reaffirming Dubai’s leading position as a destination for entrepreneurship.
The direct investments came through venture capital and angel investors.
More than 150 new companies joined in5 since 2020, bringing the grand total of start-ups 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, and in line with international standards in places such as Australia, Europe and North America, all of which have a high concentration of start-ups.
Notable start-ups that successfully secured significant investments include buy-now-pay-later start-up tabby, which raised approximately AED 485 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 AED 77 million in total funding, has also amassed a significant following for its fast delivery, quality service and roster of brands.
Other innovative players include agri-tech startup Desert Control, which successfully raised approximately AED 85 million in its initial public offering (IPO) on Euronext Growth Oslo, a multilateral trading facility operated by the Oslo Stock Exchange.
In5 alum Derq has also made an international impression, partnering with driverless technology pioneer Motional to pilot autonomous vehicles with smart infrastructure in Las Vegas.
Dubai Internet City launched in5 as a tech-focused business incubator before rapidly growing and evolving with state-of-the-art centres supporting media and design start-ups.
The three in5 centres provide launching pads for budding 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.
In the last twenty years, Dubai has created a globally competitive business ecosystem and several legislative initiatives, such as Golden Visas, have boosted the emirate’s international appeal.
“Over the past two decades Dubai Internet City has evolved from a being a hub for international tech companies to one with a thriving community of start-ups and entrepreneurs that work side by side with global tech giants to develop and export technology globally,” Ammar Al Malik, managing director of Dubai Internet City said.
In recent years, Careem was acquired by Uber in 2019 for US$3.1 billion. Soon after, Dubai-based Emerging Markets Property Group (EMPG) and OLX Group merged their MENA and South Asia operations, Bayut and Dubizzle, resulting in a business valued at AED 3.6 billion (US$1 billion).
In 2019, Cisco acquired Voicera, which had initially acquired in5-based start-up Wrappup in 2018. Wrappup specialises in using Artificial Intelligence (AI) technologies to transcribe and convert audio recordings into notes. The start-up was founded during a hackathon competition organised by in5 in 2015, and in the short span of four years, attracted the interest of the Silicon Valley giant.