The Finance World Magazine| Edition: March 2023

Startup News
Zurich Innovation Championship Paves the Way
for UAE’s Startup Hub Dream
Zurich Innovation Championship
has brought UAE one step
closer to its goal of becoming
the leading startup hub in the
region. The championship saw participation
from over 1,000 startups
across 20 countries, with 10 startups
from the UAE making it to the final
round. The startups showcased their
innovative solutions in areas such as
healthcare, mobility, and sustainability.
The competition offered the opportunity
for UAE’s startups to gain global
recognition and connect with potential
investors, partners, and customers. With
initiatives like the Zurich Innovation
Championship, the UAE government
aims to establish the country as a hub
for startups, fostering innovation, and
contributing to the economic growth
of the region.
IMPACT46 launches
$133M Fund
IMPACT46, a new venture capital
firm, has announced the launch of
its first fund worth $133M. The firm
aims to invest in early-stage startups
that are focused on building solutions for
some of the world’s biggest challenges,
such as climate change, healthcare, and
social justice. IMPACT46 was founded by
experienced investors who have previously
invested in some of the most successful
startups in the world, including Airbnb,
Dropbox, and Uber. The firm aims to
not only provide financial support but
also to mentor and provide resources to
help their portfolio companies grow and
succeed. With this new fund, IMPACT46
hopes to make a positive impact on the
world while also generating significant
returns for their investors.
Aion Digital Secures $5M
in a Bridge Round
KSA’s Carefer Raises $2.9M Pre-Series A
Riyadh-based startup Carefer has
raised $2.9M in a Pre-Series A
funding round, which was led
by Middle East Venture Partners
(MEVP) and joined by Watar Partners, 500
Startups, and Nazer Group, among others.
Carefer provides an online marketplace
for car buyers and sellers in the Kingdom
of Saudi Arabia (KSA), enabling them
to compare prices, specs, and features
of different car models, and connect
with verified dealers. The funds raised
will be used to expand the platform’s
services, including the launch of a new
product that allows customers to test drive
cars at home, and to enhance customer
experience and support.
Aion Digital, a fintech startup
in Bahrain, specializing in
blockchain-based solutions,
has announced the successful
closing of a $5M Bridge funding round.
The company aims to leverage the
funding to expand its product offerings
and accelerate its growth trajectory.
Aion Digital’s proprietary technology
provides secure, efficient and low-cost
financial solutions using blockchain,
artificial intelligence and other cutting-edge
technologies. The Bridge
round was led by several reputable
investors, including Nogle Capital, R3
Capital and a number of angel investors.
The fresh funds will enable Aion Digital
to further its mission of revolutionizing
the global financial ecosystem by
creating innovative solutions that are
accessible to everyone.
38 www.thefinanceworld.com March 2023