in5 startups raise funding in H1 2020 – ZAWYA

in5 startups raise funding in H1 2020 – ZAWYA

in5 startups raise funding in H1 2020 | ZAWYA MENA Edition HomeArticlein5 startups raise funding in H1 2020 More than 216 active startups by end of H1 2020    TECOM Group's startup incubator sees investments rise to six-month highMore than 216 active startups by end of H1 2020Dubai-UAE: in5, an enabling platform for startups and entrepreneurs launched by TECOM Group, today announced that its members have raised more than AED65 million in direct investment, through multiple funding sources such as venture capital funds or angel investors, during the first six months of 2020.After generating more than AED400 million in funding between 2013 and 2019, the half-year figure is the highest six-month amount generated by in5 startups. Furthermore, 41 new companies joined the startup incubator in the first 6 months of the year brining to the total number of active startups at in5 to 216.Small businesses, startups and SMEs have been among the hardest hit sectors by the COVID-19 pandemic, but agile entrepreneurs have successfully identified opportunities to raise capital. 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.After generating more