Dubai: The in5 startup platform has raised more than Dh65 million in direct investments sources such as venture capital funds or angel investors during the first six months of 2020. The in5 is an initiative by Tecom Group.
The half-year figure is the highest six-month total generated by in5 startups. A further 41 companies joined the startup incubator during the period and bringing to the total number of active startups at in5 to 216.
The programme had generated more than Dh400 million between 2013 and 2019.
“Agile entrepreneurs have successfully identified opportunities to raise capital,” it said in a statement. “This suggests Dubai’s entrepreneurial ecosystem will contribute to the UAE’s economic resilience and recovery, consolidating its position as a hub for talent, knowledge and innovation as markets get moving again.”
