Annual Impact ReportMarch 2026 Contents About UpLink2Foreword3Executive summary41Early-stage innovation signals and market implications52Enabling Innovation Ecosystems93Accelerating venture growth194Demonstrating impact28Looking ahead32Appendices33A1Theory of change33A2Impact measurement and management framework34Contributors35Endnotes36 About UpLink UpLink is the World Economic Forum’s early-stage innovation engine, launched in 2020 to help turn bold,purpose-driven solutions into real-world impact. Working in collaboration with founding collaboratorsDeloitte and Salesforce, and a global network of public and private leaders, UpLink builds ecosystemsthat connect entrepreneurs with the capital, partners, expertise and market access they need to scale UpLink’s strategic objectives Enable InnovationEcosystems Accelerateventure growth Demonstrateimpact By surrounding high-potentialventures with the right resources,partnerships, credibility and By convening entrepreneurs,investors and corporates aroundshared challenges, UpLink co-creates cross-sector ecosystems By measuring outcomes and craftingcompelling stories, UpLink buildsthe narratives that inspire adoption,mobilize capital and influence UpLink in numbers 574 UpLink Ventures(since 2020)2 11Innovation Ecosystems1 Funding stage 75 UpLink Investor CommunityFunding partnersEcosystem partners Foreword John DuttonHead, UpLink,World Economic Forum In a world facing accelerating and interconnected globalchallenges, from decarbonization and water resilienceto sustainable urban development and healthy living, climate and nature, health, water, cities and emergingtechnologies, UpLink advances the Forum’s mission Forum corporate partners are increasingly engagingwith early-stage ventures through UpLink to send cleardemand signals to the market. This enables them to testfrontier technologies, access new talent and solutions, The challenge today is not invention, however, but scale.Innovation alone falls short. Increasingly, evidence showsthat early demand signals from large buyers, includingprocurement commitments, purchasing agreements and advance market commitments, are among the mostpowerful levers for scaling impact.6,7When governments,cities and corporations commit earlyto low-carbonand sustainable solutions, they do morethan support The integration of data, artificial intelligence (AI) andanalytics across UpLink is central to our approach,strengthening how innovation is sourced, supported andmeasured. From venture sourcing and selection to investorengagement and impact measurement, these capabilitiesenable more evidence-based decision-making and helpquantify the value created through UpLink. Importantly,AI is not only an enabler of the platform but a definingfeature of the solutions emerging from the ecosystem. Despite this, many early-stage entrepreneurs continueto operate on the margins. Only around 2% of globalimpact investment assets are allocated to seed and start-up ventures,8even as investors cite difficultyidentifying differentiated business models and scalable solutions.9This disconnect between capital availabilityand market readiness slows the transition of promisinginnovations from pilot to market and leaves significant UpLink was built to bridge these gaps. Workingalongside World Economic Forum centres and initiatives,UpLink creates shared pathways where ventures gainthe partnerships, credibility and market access neededto scale. Meanwhile, investors and corporate leaders Looking ahead, UpLink will continue to support venturesas they scale their innovations, expand into new marketsand cities, and tackle global challenges by harnessingthe latest technologies, including AI-enabled solutions. Executive summary UpLink Ventures accelerated growth and impact,raising record capital, scaling revenues andoperations, delivering measurable environmental UpLink Venture growth2024–25 Social and environmental impact2024–25 ■Over$850 millionraised in investment by ventures in 2025■53%increase in capital raised in 2025 compared to 2024,for ventures that secured funding in both years■77%of revenue-generating ventures reported an increasein revenues compared to the past 12 months ■4.3 billion litresof wastewater treated, compared to 2.5 billionlitres in 2023–24■166,681 tonnesof carbon dioxide (CO2) emissions avoided or reduced, compared to 142,400 tonnes in 2023–24■326,920 tonnesof waste collected or reduced, compared to67,700 tonnesin 2023–24■8,989 tonnesof ocean-based seaweed and bivalves produced Ecosystemcollaboration Visibility andthought leadership ■53%of ventures attributed growth in visibility to UpLink■1,824 social media postsin 2025■55% increasein impressions and10.5% increasein ■31%of UpLink Ventures collaborated with their peers on projectsand partnerships■26%of UpLink Ventures collaborated with ecosystempartners on investments, research and development (R&D)and capacity building■Over550 participantsin 67 in-person