Over 223 start-ups from 46 different countries submitted funding applications
Six start-up companies have benefited from investment totalling more than $450,000 courtesy of the inaugural round of funding from Falcon Network, a group of emerging markets-based angel investors.
The six start-ups are: Aion Sigma, a Finland-based fintech platform with sizeable presence in Africa that provides financial inclusion and empowerment of individuals; Caravan, a value-added aggregator of privately operated buses in UAE with the mission of helping employees find the best private bus for their work commute; Saaya Health, a Tech company providing emotional/mental health solutions to organisations and corporations; Teacherly, a UK-based collaborative planning and peer to peer edtech platform with growing presence in the Middle East; Virtual i, a DIFC-based insurtech platform that provides fast, affordable and reliable risk engineering services to insurers and insured and brings visibility to insurance transactions; and WorkAround, which provides a scalable data tagging and verification platform for artificial intelligence / machine learning applications, delivered by skilled displaced people.
Dr Sayd Farook, co-founder of the Falcon Network, said: “We are delighted with the success of our first round – with over 223 start-ups submitting funding applications from 46 different countries.
“Out of the 13 shortlisted companies, we are delighted that Aion Sigma, Caravan, Teacherly, Virtual i Technologies, Workaround and Saaya Health have secured investment. These exciting businesses will not only benefit from the financial capital, but also strategic expertise which our angels will provide in order to accelerate their growth potential.”
Launched on the sidelines of the Global Islamic Economy Summit, the Falcon Network includes senior executives working in both the public and private sector across the Middle East and wider Asia. Current members have committed to investing a minimum of $50,000 by October 2020.
The next round of funding applications will open in November 2019 for investment by 2020.