(Pakistan Point News - 23rd Feb, 2023) DUBAI, 23rd February, 2023 (WAM) – in5, a member of TECOM Group PJSC, has seen a remarkable 31 percent year-on-year (YoY) increase in new start-ups joining the incubator in 2022, reflecting the MENA region's thriving start-up ecosystem.
Over 160 new start-ups have joined in5 since 2022, taking the total number of start-ups supported by the incubator to over 750. Based in Dubai, in5 supports businesses in technology, design, and media, and is exhibiting its growing community at the Step Conference 2023, presented by Dubai internet City, from 22nd-23rd February.
In 2022, the number of female-led start-ups more than doubled, with over half of them operating in the technology sector. During the Step Conference 2023, in5's companies will showcase innovations in artificial intelligence, health tech, retail SAAS platforms, and more. The Step Conference 2023 is billed as the leading tech festival for emerging markets.
Majed Al Suwaidi, Senior Vice President of Dubai Media City – TECOM Group, speaking on behalf of in5, stated, "Dubai has created a dynamic community where founders can connect with like-minded individuals, participate in global business ecosystems, and contribute to economic growth and innovation."
Since its inception, start-ups at the incubator have raised more than AED2.4 billion in total by the end of 2022, with fintech accounting for more than half of the funding. Fintech start-ups dominated 2022 funding rounds at in5, continuing the trend from 2021. The UAE's fintech sector is one of the fastest-growing in the MENA region.
One of in5's notable alumni in the fintech field is Tabby, a buy-now-pay-later app that has more than 10,000 brands, including nine of the MENA region's ten largest retail groups.
The diversity of in5's entrepreneurial community reflects Dubai's cosmopolitan business culture, with members from over 50 nationalities. In5's community includes members from India, Russia, France, the United Kingdom, China, Canada, and more.
At the Step Conference 2023, visitors can meet and engage with 20 in5 start-ups operating across various sectors, including innovative point-of-sale technology, accident assessment technology deployed by Dubai Police, automated influencer marketing, and more.
