Fintech PR
in5 start-up funding grows to AED 8 billion as Dubai’s pro-innovation frameworks nurture growth
- Total funding raised by start-ups at Dubai’s leading incubator grows by 163% over 2023 figures
- TECOM Group incubator to showcase ecosystem of more than 1,000 innovators, including Grambell and Estaie, at Expand North Star
DUBAI, UAE, Oct. 14, 2024 /PRNewswire/ — Funding raised by start-ups within TECOM Group PJSC’s entrepreneurship incubator in5 since its inception has crossed AED 7.8 billion as Dubai’s pro-innovation framework nurtures the growth of enterprises and talent. Announced on the sidelines of Expand North Star, the world’s largest event for start-ups and investors being held in Dubai on 13-16 October, the remarkable figure represents 163% growth over total funding raised as of 2023, demonstrating the accelerated growth of in5’s start-ups this year.
“Start-ups are powerful engines of long-term economic growth that tangibly benefits future generations,” said Majed Al Suwaidi, Senior Vice President at TECOM Group PJSC, on behalf of in5. “The funding milestone achieved by in5’s start-ups strengthens our mission to unlock entrepreneurial excellence by facilitating opportunities, partnerships, and investor engagement avenues. in5’s dynamic and global community is driving Dubai’s efforts to foster a globally attuned innovation landscape that achieves the goals of the Dubai Economic Agenda ‘D33’.”
in5 has nurtured more than 1,000 start-ups across the technology, media, design, and science sectors since its inception in 2013 by TECOM Group, the creator of 10 specialised business districts and vibrant communities in Dubai. This includes in5 Tech, housed at a dedicated in5 Innovation Centre at Dubai Internet City as well as in5 Media, based at Dubai Production City and in5 Design, based at Dubai Design District (d3). in5 Media’s active start-up numbers noted annual growth of 20% in the first half of this year as government initiatives to strengthen the regional creative economy, including Dubai Media’s vision to bolster the competitiveness of media institutions, attract a wider cohort of talent to the city.
in5 Science, which marked its first anniversary in June 2024, provides an enabling platform to more than 35 future-focused science start-ups. Launched in collaboration with Dubai Science Park, TECOM Group’s dedicated ecosystem for the life, energy, and environment sciences, in5 Science is cultivating a regional base of innovators in line with the Dubai Research and Development Programme’s vision.
Landscape maturity
While global trends are indicative of a shift in start-up funding amid the prioritisation of sustainable ventures, funding for artificial intelligence (AI) companies has held steady in 2024. Shored up by strategies such as Dubai Economic Agenda ‘D33’, Dubai’s pro-innovation framework is enriching the regional pool of entrepreneurs harnessing technology to offer improved consumer services. This is underscored by the incubator’s recent success stories, including Ziina, a fintech start-up providing peer-to-peer payment for mobile apps, that raised AED 80.8 million in a Series A funding round in September 2024. Podeo, the world’s largest podcast distribution platform founded at in5, raised AED 19.8 million in a Series A funding round that same month.
in5 offers start-ups in technology, media, design, and science a platform to scale up with access to advisory, mentorship, and potential investment opportunities. in5 Tech is also home to the in5 Investor Hub, a space where angel investors, venture capitalists, and institutional investors can directly engage with start-ups at in5 for funding and partnership opportunities.
in5’s participation at Expand North Star is part of its commitment to spotlighting its innovative ecosystem to more than 1,200 global investors expected at the event, including start-ups such as AI-enabled communications specialist Grambell, based at in5 Tech, and flexible stay online travel agency (OTA) Estaie, incubated at in5 Media.
in5 is the start-up and entrepreneurship incubator founded by TECOM Group, which has contributed to Dubai’s economic ambitions for more than two decades through sector-focused districts including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park, Dubai Design District (d3) and Dubai Industrial City.
About TECOM Group PJSC
TECOM Group has been developing strategic, sector-focused business districts across the emirate of Dubai since 1999. TECOM Group is well-positioned to continue playing an integral role in cementing Dubai’s status as a global business and talent hub.
The TECOM Group portfolio consists of 10 business districts catering to 6 vital knowledge-based economic sectors, including design, education, manufacturing, media, science, and technology. The Group provides a varied and tailor-made leasing portfolio – which includes offices, co-working spaces, warehouses, and land – to over 11,000 customers and more than 124,000 professionals.
TECOM Group offers additional value-added services to deliver a competitive and attractive environment for businesses and entrepreneurs to thrive in and to facilitate engagement between the districts’ community members. Government and corporate services are made available through an integrated smart services platform, ‘axs’, which enhances ease of doing business and provides community members with a seamless experience.
TECOM Group also provides industry-specialised facilities, including media production studios, laboratories, and higher education campuses. in5, its enabling platform for entrepreneurs and start-ups, offers innovation centres supporting tech, media, and design start-ups and SMEs. Its future-focused co-working spaces D/Quarters deliver stimulating work environments for tenants, and the ‘GoFreelance’ package serves freelancers.
For more information, please visit www.tecomgroup.ae.
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Acquisition strengthens NFP’s market position in the health insurance broking industry
DUBLIN, Oct. 17, 2024 /PRNewswire/ — NFP, an Aon company and leading international insurance brokerage and consultancy, today announced its acquisition of IHI Group, a Dublin-based advisory firm specialising in financial planning, healthcare and general insurance needs. Philip Brennan, CEO of IHI Group, will join NFP as VP business development, and together with Patrick Brennan, VP health and wellbeing, and Tommy McGowan, senior health executive, will report to Colm Power, managing director, NFP in Ireland.
“As we strengthen our presence in Ireland, we find it crucial to further develop our expertise and capabilities in the health and wellness benefits space,” said Power. “IHI Group is a leader in Ireland’s health insurance broking industry, and the addition of their team will enable us to deliver best-in-class consultancy, advice and solutions to our clients.”
Founded in 1969 as PM Brennan Ltd., IHI Group has solidified its position as one of Ireland’s leading advisory firms for employee benefits, financial planning, health and general insurance needs. The business has remained in the Brennan family, with brothers Philip and Patrick serving on the board of directors.
“We are delighted to be joining NFP and look forward to the advantages this will bring to our clients,” said Philip Brennan. “Over the years, we’ve expanded our business and built client relationships by offering an exceptional level of service and expertise. Becoming part of NFP is a great next step for our family’s company.”
About NFP
NFP, an Aon company, is an organisation of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. We have more than 7,700 colleagues in the UK, Ireland, US, Puerto Rico and Canada serving a diversity of clients, industries and communities. Our global capabilities, specialised expertise and customised solutions span commercial business insurance, employee benefits, people consultancy, health and safety, and individual financial planning. Together, we put people first, prioritise partnerships and continuously advance a culture we’re proud of. Visit NFP.co.uk to learn more.
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View original content:https://www.prnewswire.co.uk/news-releases/nfp-acquires-ihi-group-a-leading-irish-financial-benefits-and-insurance-advisory-firm-302277482.html
Fintech PR
Cultural transformation experts dss+ to support RHI Magnesita on journey to achieve world-class safety performance
GENEVA, Oct. 17, 2024 /PRNewswire/ — Global business transformation consultancy dss+ is pleased to announce its partnership with RHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, to support their safety culture transformation journey to achieve tangible impact and sustainable improvement in safety culture and incident reduction.
Deeply committed to safety and operational excellence, RHI Magnesita has consistently improved its safety performance and is now looking to elevate their organisational culture by working with dss+ to move from compliance-based safety to a deeply embedded safety mindset across all levels of the company.
“We are committed to embedding a safety-first mindset at every level of our organisation; it must be deeply ingrained in everything we do,” said Rajah Jayendran, Chief Technology Officer at RHI Magnesita. “Partnering with dss+ allows us to accelerate this cultural transformation, ensuring that safety becomes a core value embraced by everyone, from the shop floor to senior leadership. Together, we are working to protect our people and sustain a world-class safety performance.”
dss+ works with clients around the world to manage risk and reduce workplace injuries, operate responsibly and sustainably, and maintain those improvements through transforming the culture and building the capability of leaders and people. Their project with RHI Magnesita will involve all levels of the organisation, from shop floor workers to senior leadership, focusing on changing daily safety behaviours, strengthening governance structures, and promoting safety awareness throughout the entire value chain with measured, tangible impact.
“We are delighted that RHI Magnesita chose dss+ to partner with in their journey towards being a leader in workplace and process safety in the metals and mining space,” said Helder Santos, Global Metals and Mining Director at dss+. “RHI Magnesita’s Leadership Team is highly committed to a step-change transformation, and we are determined to work shoulder-to-shoulder with them and the entire organisation to accelerate the impact on safety culture and critical risk management, enabling RHI Magnesita to move into a more resilient corporate space.”
The project will span five regions throughout RHI Magnesita’s production sites in Europe, North and South America, and Southern and Eastern Asia. This cultural shift is critical to sustaining RHI Magnesita’s safety improvements and protecting their people, which is their core value and number one priority.
About RHI Magnesita
About dss+
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HELSINKI and OSLO, Norway, Oct. 17, 2024 /PRNewswire/ — The 2024 Translink Corporate Finance Megatrends Report reveals that global IT spending reached $4.7 trillion in 2023, a 4.3% increase from 2022. Finland and Norway have emerged as dynamic hubs for IT development, innovation, and investment within this thriving global technology sector.
Finland’s thriving tech ecosystem
Ruben Moring, Partner at Translink Corporate Finance Finland, says, “Finland’s tech scene represents a thriving ecosystem that fosters early-stage innovation across various sectors. The country excels in gaming, artificial intelligence, databases, analytics, and cleantech. Advancements in industrial AI, IoT construction tech, healthcare, and sustainable technologies are propelling Finland’s startup scene forward.”
Norway’s robust startup environment
Norway has developed a strong startup ecosystem with approximately 70 000 new companies created annually. Nora Håberg, Partner at Translink Corporate Finance Norway, says, “We’re driving innovation in renewables and cleantech while fostering an environment of trust, cooperation, and flat hierarchies. This creates unique opportunities for investors interested in the green transition.”
Government support fuels innovation
Both countries have implemented robust government initiatives to support technological innovation and digitalisation. “The Finnish government’s support for AI development has led to success stories like Silo AI, acquired by AMD in an all-cash transaction for $665 million,” explains Moring.
Håberg adds, “Norway’s Innovation Norway provided 7.1 billion NOK (€617 million) in financial support in 2023 through subsidies, loans, and guarantees.”
Sustainability is a core Nordic focus
Sustainability is ingrained in Finland and Norway’s tech sectors. The Nordic countries offer some of Europe’s cheapest and cleanest energy, attracting investments like Microsoft and Google data centres.”
In Norway, hydropower accounted for 89.2% of the electricity production in 2023, drawing foreign investment like Google’s 600 million EUR investment in a green data centre in Skien.
The Nordic talent pool is driving innovation
Finland and Norway boast highly educated workforces. Finland attracts international talent with its vibrant startup scene and high quality of life. In Norway, 48.1% of the adult population had tertiary education in 2022, above the OECD average.
Nordic M&A investment opportunities
Translink observes numerous mid-market opportunities in the region. In Norway, about 60% of announced M&A transactions in 2023 were cross-border.
Håberg concludes, “Finland and Norway’s tech ecosystems are continually evolving, with emerging innovation clusters and an increasing focus on deep tech. Translink Corporate Finance offers expertise to help mid-market investors navigate the new investment opportunities in the Nordic region.
View original content:https://www.prnewswire.co.uk/news-releases/translink-corporate-finance-experts-say-the-nordic-region-is-a-hotbed-for-tech-investors-302276590.html
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