Dubai Internet City’s Innovation Centre (in5) gives start-ups access to regional and international investors
in5, the innovation centre launched by Dubai Internet City (DIC) in 2013 as part of its vision to drive forward the UAE’s ICT start-up sector, has seen a number of success stories among its members, who have raised over AED 34 million in funding.
Since inception, in5 has given over 70 members access to a number of international and regional investors, and has provided mentorship, work space, as well as networking opportunities. in5 has pioneered the UAE’s start-up landscape by conducting workshops, training and networking events, and engaged with over 4,000 of the UAE’s technopreneurs in partnership with industry leaders such as Google and Microsoft.
Through these community activities, in5 has introduced its members to a high profile group of investors such as MENA Venture Investments, Middle East Venture Partners and other public and private investors, which has resulted in a number of partnerships as well as funding.
An example of successful collaboration is FishFish ME, a local fishing charter start-up that is now a global company, which has raised more than AED2.75 million through a number of local and regional investors, and TaskSpotting, an app that partners with well-known brands to offer users the chance to try new products and provide feedback, has secured over AED4.4 million in funding since joining in5.
These success stories are a clear indication of the significant appetite among financiers in the region to invest in new trends or bright and innovative companies. Access to investors and to over one thousand international businesses in DIC, and a developed ICT sector, has ensured that in5 remains a compelling destination for tech entrepreneurs and start-ups.
Majed Al Suwaidi, Managing Director of Dubai Internet City and Dubai Outsource City, said:
“The success stories we have seen within in5 are testament to the support we provide to our members, as well as the growth of the UAE’s wider ICT and start-up landscape. The number of entrepreneurs looking to set up businesses in the region continues to grow year-on-year, and Dubai has shown that it is an excellent destination from which to do so. We look forward to playing a role in the further growth and development of the start-up sector, and we will continue to look at ways we can empower entrepreneurs and give them a platform from which to succeed.”
Other in5 success stories include MrUsta, who received over AED1.3 million funding, ANA Ventures, who also secured more than AED 1 million, Guiddo who raised more than AED 0.5 million.