Key Takeaways
- • Eka Ventures closes £80m ($107m) Fund II, positioning itself as the UK's largest early-stage impact venture capital firm focused on pre-seed and seed-stage investments in health, wellbeing, and sustainability sectors.
- • British Business Bank provided £40m of the fund's capital, continuing its support from Eka's first fund (2021, £68m), with additional backing from Better Society Capital, Guy's & St Thomas' Foundation, The Health Foundation, WRAP, Esmée Fairbairn Foundation, John Ellerman Foundation, and Vivensa Foundation.
- • Fund II targets deployment across up to 30 UK pre-seed and seed-stage companies with average first investments of approximately $2m and meaningful reserves for follow-on funding, reflecting an increase in initial check sizes versus Fund I.
- • Fund I demonstrated strong performance metrics: one of the best-performing venture funds in its 2021 vintage on both current value (TVPI) and exited value (DPI), with notable portfolio exits including Runna's acquisition by Strava and follow-on funding from Index Ventures, Accel, and Balderton.
- • Eka's investment thesis emphasizes sourcing conviction: the firm led or co-led 90% of Fund I investments, sourced 47% through its proprietary data platform, and faced no competing term sheets in 69% of deals, enabling bolder positioning in early-stage conviction-backed opportunities.
Summary
Eka Ventures, an early-stage impact-focused venture capital firm founded in 2018, has announced the final close of its second fund at £80m ($107m), establishing itself as the UK's largest early-stage impact venture capital fund. Fund II will deploy capital across up to 30 UK-based pre-seed and seed-stage companies operating in health, wellbeing, and sustainability—sectors the firm identifies as positioned at the intersection of technology and science for systemic impact.
The fund structure reflects institutional commitment to impact-driven early-stage investing. The British Business Bank contributed £40m, continuing its strategic backing from Fund I's 2021 close. Additional capital came from a diverse investor base including Better Society Capital, Guy's & St Thomas' Foundation, The Health Foundation, WRAP, Esmée Fairbairn Foundation, John Ellerman Foundation, and Vivensa Foundation. Fund II will deploy capital in pre-seed and seed-stage rounds ranging from £1m to £3m, with average first investments of approximately $2m and meaningful reserves earmarked for follow-on funding rounds—a structural adjustment reflecting increased conviction in early identified opportunities.
Eka's investment track record underpins the capital raise's success. Fund I, which closed at £68m in 2021, has delivered strong performance across both current value (TVPI) and realized value (DPI) metrics, ranking among the best-performing venture funds in its vintage year. The portfolio includes notable companies such as Runna (seed investment, recently exited to Strava), Urban Jungle, Axle, Hived, Foresight Data Machines, Jude, and Flok Health. Several portfolio companies have subsequently attracted follow-on capital from top-tier venture investors including Index Ventures, Accel, and Balderton, validating Eka's early-stage thesis and sourcing capabilities.
According to co-founding partner Jon Coker, Fund I demonstrated repeatable operational patterns that inform Fund II's strategy. Eka led or co-led 90% of Fund I investments, faced no competing term sheets in 69% of deals, and sourced 47% of investments through its proprietary data platform. These metrics reflect a differentiated approach centered on founder conviction and proprietary deal flow rather than competitive auction dynamics. Camilla Dolan, co-founding partner, emphasized the firm's philosophy: "We believe the next generation of category defining companies will be built at the intersection of technology and science, reshaping systems across consumer health, wellbeing and sustainable consumption." Fund II doubles down on this thesis with even larger initial check sizes, enabling the firm to support founders building technology-driven solutions addressing social and environmental challenges while maintaining the conviction-based investment discipline that characterized Fund I's performance.
The fund structure reflects institutional commitment to impact-driven early-stage investing. The British Business Bank contributed £40m, continuing its strategic backing from Fund I's 2021 close. Additional capital came from a diverse investor base including Better Society Capital, Guy's & St Thomas' Foundation, The Health Foundation, WRAP, Esmée Fairbairn Foundation, John Ellerman Foundation, and Vivensa Foundation. Fund II will deploy capital in pre-seed and seed-stage rounds ranging from £1m to £3m, with average first investments of approximately $2m and meaningful reserves earmarked for follow-on funding rounds—a structural adjustment reflecting increased conviction in early identified opportunities.
Eka's investment track record underpins the capital raise's success. Fund I, which closed at £68m in 2021, has delivered strong performance across both current value (TVPI) and realized value (DPI) metrics, ranking among the best-performing venture funds in its vintage year. The portfolio includes notable companies such as Runna (seed investment, recently exited to Strava), Urban Jungle, Axle, Hived, Foresight Data Machines, Jude, and Flok Health. Several portfolio companies have subsequently attracted follow-on capital from top-tier venture investors including Index Ventures, Accel, and Balderton, validating Eka's early-stage thesis and sourcing capabilities.
According to co-founding partner Jon Coker, Fund I demonstrated repeatable operational patterns that inform Fund II's strategy. Eka led or co-led 90% of Fund I investments, faced no competing term sheets in 69% of deals, and sourced 47% of investments through its proprietary data platform. These metrics reflect a differentiated approach centered on founder conviction and proprietary deal flow rather than competitive auction dynamics. Camilla Dolan, co-founding partner, emphasized the firm's philosophy: "We believe the next generation of category defining companies will be built at the intersection of technology and science, reshaping systems across consumer health, wellbeing and sustainable consumption." Fund II doubles down on this thesis with even larger initial check sizes, enabling the firm to support founders building technology-driven solutions addressing social and environmental challenges while maintaining the conviction-based investment discipline that characterized Fund I's performance.
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