Davos [Switzerland], January 17 : UpLink, the World Economic Forum's initiative aiming to accelerate progress on the Sustainable Development Goals (SDGs), declared a significant milestone by securing CHF 37 million in funding commitments up to 2027.
According to WEF, the funding, announced during the Annual Meeting 2024, is set to empower early-stage impact entrepreneurs, fostering their endeavours focused on both people and the planet.
The financial backing is anticipated to play a pivotal role in revitalizing momentum for achieving the UN Sustainable Development Goals.
UpLink, launched in collaboration with Deloitte and Salesforce during the Forum's Annual Meeting in 2020, has become a key community facilitating progress on the SDGs by creating innovation ecosystems around critical themes.
The raised funds will enable UpLink to expand into new thematic areas, broadening its support for early-stage entrepreneurs addressing challenges such as freshwater shortages, ocean degradation, deforestation, biodiversity loss, circular economy transition, and enhancing the sustainability of hard-to-decarbonize sectors like aviation and mining.
John Dutton, Head of UpLink at the World Economic Forum, emphasized the importance of supporting entrepreneurs dedicated to creating positive impact, particularly in sectors crucial for nature and biodiversity.
"With less than 5 per cent of impact investment currently going to early-stage start-ups and even less to ventures focused on nature and biodiversity, the global community must step up to support entrepreneurs who are propelled by a profound desire to create a positive impact, as well as making a profit," said John Dutton, Head of UpLink, World Economic Forum.
He added, "This funding from UpLink partners is a testament to the power of innovation and collaboration to drive positive systemic change for people and the planet."
He highlighted that this funding from UpLink partners underscores the potential of innovation and collaboration to drive systemic change.
The funding includes collaborations with various partners, including Manulife, Deloitte, Accenture, the Kingdom of Saudi Arabia, and Mercuria.
These collaborations will focus on diverse thematic areas, spanning well-being and longevity, urban transformation, circular economy innovations, and initiatives promoting the circular carbon economy and ocean health.
At the Annual Meeting 2024, UpLink revealed the winners of recent Innovation Challenges, including the Zero Water Waste Challenge, the Sustainable Aviation Challenge, and the Trillion Trees: Restoration at Scale Challenge.
These early-stage start-ups, recognized as Top Innovators, will join UpLink's Innovation Ecosystem, gaining opportunities for global visibility, capacity building, and networking to scale their ventures.
The UpLink Innovation Ecosystem's impact management and measurement strategy aims to measure the ventures' impact on the economy, society, and the natural world.
The Annual Impact Report released today showcases the potential of these early-stage start-ups to contribute significantly to achieving the SDGs.
Roshni Nadar Malhotra, Chairperson of HCLTech, highlighted the aquapreneur Innovation Initiative's success in raising USD 54.5 million among the first ten winners.
Roshni Nadar Malhotra, Chairperson of HCLTech, said, "The first 10 winners from the aquapreneur Innovation Initiative have now successfully raised USD 54.5 million worth of funding between them. In the second year of our collaboration with UpLink, our focus on Zero Water Waste aims to capture and protect freshwater supplies, water reuse and recycling of materials and save water in agriculture. We anticipate this cohort will also achieve great success in scaling and generating impactful solutions for freshwater challenges."
The collaboration with UpLink focuses on the Zero Water Waste initiative, aiming to tackle freshwater challenges.
Roy Gori, President and CEO of Manulife, emphasized the importance of working across sectors and with partners like the World Economic Forum to drive the longevity economy for the future of society's health and well-being.
Roy Gori, President and CEO of Manulife, said, "Solving the longevity crisis will require a comprehensive approach to promoting healthier lifestyles, addressing socio-economic inequalities, and investing in new research and technologies. By working across sectors and with partners like the World Economic Forum, we can focus on driving the longevity economy for the future of society's health and well-being."
UpLink, initiated by the World Economic Forum, serves as a platform connecting entrepreneurs with investors, corporate partners, experts, and others to scale innovative technologies, fostering a sustainable and equitable future.
The recent funding injection is anticipated to significantly contribute to UpLink's mission of accelerating progress on the SDGs.
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