Eka Ventures Secures €91.5 Million Fund II to Propel UK Startups in Health, Wellbeing, and Sustainability

In a significant boost for the UK's startup ecosystem, Eka Ventures has announced the successful closure of its €91.5 million ($107 million) Fund II. This London-based venture capital firm is now positioned as the largest early-stage impact VC in the UK, with a sharp focus on fostering innovation in health, wellbeing, and sustainability.

Driving Impactful Innovation

Eka Ventures is carving out a niche in the venture capital landscape by backing startups that deliver both commercial success and societal benefits. The newly closed fund was oversubscribed, attracting investment from prominent limited partners such as the British Business Bank, Better Society Capital, and several influential foundations. This strong backing underscores the growing interest and confidence in impact-driven investment models.

Jon Coker, co-founding Partner at Eka Ventures, emphasized the dual mission of the fund, stating, “No society can succeed without a healthy population, a sustainable climate, and communities that have access to essential services.” Coker's words highlight the fund's commitment to supporting startups that address critical global challenges while tapping into vast market opportunities.

A Proven Track Record

Founded in 2018 by Camilla Dolan and Jon Coker, Eka Ventures has quickly established itself as a formidable player in the early-stage investment space. Prior to launching Eka, the founders had already demonstrated their prowess by backing successful startups like Gousto and Bloom & Wild. The firm now manages €171.1 million ($200 million) in assets, with a strategic focus on decarbonizing industries, enhancing healthcare, and improving access to essential services.

The success of Eka Fund I, which includes notable investments such as Urban Jungle and Hived, sets a strong precedent. The fund ranks in the top 5% for both DPI and TVPI among its 2021 vintage, with portfolio companies securing further investments from major funds like Index Ventures and Accel.

Strategic Vision for Fund II

Eka Ventures plans to use Fund II to support up to 30 UK-founded startups at the pre-Seed and Seed stages. With an average cheque size of €1.7 million ($2 million), Eka intends to lead or co-lead the majority of its deals, ensuring substantial involvement in the growth of these companies. The fund will focus on fostering innovation that drives systemic change in healthcare, sustainable consumption, and wellbeing.

Camilla Dolan, co-founding Partner at Eka Ventures, articulated the firm's forward-thinking philosophy: “We believe the next generation of category-defining companies will be built at the intersection of technology and science.” Dolan's vision reflects Eka's commitment to empowering ambitious founders to pursue bold, transformative goals.

Implications for the Startup Ecosystem

Eka Ventures' approach signals a promising trend for startups and investors alike. By integrating impact with commercial viability, Eka is paving the way for sustainable business models that address pressing societal issues. This strategy not only attracts top-tier talent and innovative ideas but also aligns with the increasing demand for responsible investing.

The firm's use of AI-powered sourcing systems to identify overlooked founders demonstrates a commitment to inclusivity and diversity in entrepreneurship. This data-driven approach has already proven successful, with nearly half of Fund I investments originating from this platform.

Conclusion

Eka Ventures' €91.5 million Fund II is a significant milestone for the UK startup scene, promising to catalyze meaningful change across vital sectors. By backing visionary founders and prioritizing impact alongside returns, Eka is setting a new standard in venture capital—one that aligns commercial success with societal progress.

Source: Eka Ventures closes €91.5 million Fund II to back UK startups focusing on health, wellbeing and sustainability