Eka closes $107M Fund II to becomes the UK’s largest early-stage impact VC

Eka Ventures announced the final close of its second fund at $107 million (£80 million) on April 13, 2026, marking a significant milestone for the firm and establishing it as the UK's largest early-stage impact venture capital investor specializing in health, wellbeing, and sustainability. The fund closed at hard cap with oversubscription, reflecting strong institutional demand. The Fund II raise brings Eka's total assets under management to $200 million, effectively doubling the firm's capital base since its inaugural fund.

Fund I performance metrics provide substantive evidence of Eka's track record. According to founder Jon Coker, Fund I ranks among the best-performing venture funds in its 2021 vintage cohort on both current value (measured by Total Value to Paid-In Capital, or TVPI) and exited value (measured by Distributions to Paid-In Capital, or DPI). The fund demonstrated disciplined sourcing and conviction: Eka served as lead or co-lead investor in 90% of its investments, faced no competing term sheets in 69% of deals, and sourced 47% of investments through its proprietary data platform. These metrics underscore a differentiated operational approach and market position among early-stage venture investors.

Eka's investment philosophy challenges the historical dichotomy between financial returns and impact outcomes. Since its 2018 founding by Jon Coker and Camilla, the firm has positioned itself on the thesis that the highest-return commercial opportunities over the next decade will originate from companies fundamentally rewiring society's critical systems. The firm identifies three primary structural shifts: first, the transition from reactive to preventative healthcare (the UK spent £317 billion on healthcare in 2024, yet preventive care represented only 5.2% of government healthcare expenditure—a 20:1 ratio highlighting the leverage available to digital health and early detection solutions); second, decarbonization of consumer-facing industries, where consumer expenditure now accounts for 26.0% of UK emissions and transport contributes 16.1%; and third, systemic infrastructure transformation across food systems, mobility, energy, and consumption patterns.

Fund II's investor composition reflects broadened institutional support. While retaining backing from Fund I investors, the new fund attracted significant new limited partners including the British Business Bank, Better Society Capital, Guy's & St Thomas' Foundation, The Health Foundation, Esmée Fairbairn Foundation, Aurum Impact, Vivensa Foundation, and Molten Ventures. According to Coker, the expansion of the LP base alongside demonstrated Fund I performance signals validated conviction in both the impact thesis and the management team's execution capability. The oversubscribed close and hard cap structure indicate market demand exceeded the target fund size, a positive signal for Eka's positioning in the impact venture ecosystem.