Key Takeaways
- • Eka Ventures closes $107M second fund, matching the size of its first vehicle, with a strategy to deploy approximately $2M per check across 30 pre-seed and seed-stage companies focused on health, wellbeing, and sustainability in the UK.
- • Fund II has already deployed capital into six portfolio companies and maintains Eka's core thesis of backing consumer tech solutions for decarbonization, preventative healthcare, and essential services access.
- • 77% of Fund II commitments came from existing limited partners, signaling strong investor conviction, with new institutional capital from larger asset managers including foundations and endowments replacing earlier founder-operator backing.
- • Key institutional LPs include the British Business Bank, Better Society Capital, and Guy's & St Thomas' Foundation, reflecting Eka's deliberate shift to institutionalizing its capital base ahead of a planned third fund.
- • Founders Camilla Dolan and Jon Coker intentionally capped Fund II at approximately the same size as Fund I to maintain early-stage focus, lead/co-lead positioning, and close founder relationships rather than pursue growth-driven capital expansion.
Summary
Eka Ventures, the UK-focused impact venture capital firm founded in 2018 by Camilla Dolan and Jon Coker, has achieved final close on its second fund at $107 million. The fund size matches its maiden vehicle, representing a deliberate strategic decision to maintain the firm's early-stage positioning and operational discipline rather than pursue capital expansion for its own sake.
The fund will target pre-seed and seed-stage investments with a typical check size of approximately $2 million, with the capacity to support roughly 30 portfolio companies over its investment period. Eka has already deployed capital into six companies from Fund II, all operating within the firm's core thesis areas: consumer technology solutions for industrial decarbonization, preventative and inclusive healthcare, and improved access to essential products and services. The investment strategy remains unchanged from Fund I, with Dolan emphasizing that inflation considerations were "baked into" the pricing structure rather than driven by market expansion ambitions.
The institutional composition of Fund II's limited partner base reflects a significant strategic evolution for the firm. Approximately 77% of Fund II commitments originated from existing investors, demonstrating substantial confidence in Eka's track record and strategy. Notably, the firm received more investor interest than its target raise but elected to maintain its original capital target rather than oversubscribe. The LP base has shifted materially toward larger institutional asset managers—including foundations, endowments, and the British Business Bank—moving away from the founder and operator-led capital that supported Fund I. This institutional pivot positions Eka favorably for its planned third fund while anchoring the firm within the broader impact investing ecosystem.
Key institutional investors in Fund II include Better Society Capital and Guy's & St Thomas' Foundation, reflecting Eka's positioning within the growing impact-driven venture capital segment. Dolan attributed the firm's LP recruitment success to peer recommendations and warm introductions from other impact investing professionals, underscoring the interconnectedness of the impact venture community. The firm's disciplined approach to fund sizing—maintaining focus on early-stage relationships and sector specialization rather than pursuing capital growth—contrasts with broader venture market dynamics and reflects a conviction that founder-partnership depth and thesis alignment drive superior outcomes over capital scale alone.
The fund will target pre-seed and seed-stage investments with a typical check size of approximately $2 million, with the capacity to support roughly 30 portfolio companies over its investment period. Eka has already deployed capital into six companies from Fund II, all operating within the firm's core thesis areas: consumer technology solutions for industrial decarbonization, preventative and inclusive healthcare, and improved access to essential products and services. The investment strategy remains unchanged from Fund I, with Dolan emphasizing that inflation considerations were "baked into" the pricing structure rather than driven by market expansion ambitions.
The institutional composition of Fund II's limited partner base reflects a significant strategic evolution for the firm. Approximately 77% of Fund II commitments originated from existing investors, demonstrating substantial confidence in Eka's track record and strategy. Notably, the firm received more investor interest than its target raise but elected to maintain its original capital target rather than oversubscribe. The LP base has shifted materially toward larger institutional asset managers—including foundations, endowments, and the British Business Bank—moving away from the founder and operator-led capital that supported Fund I. This institutional pivot positions Eka favorably for its planned third fund while anchoring the firm within the broader impact investing ecosystem.
Key institutional investors in Fund II include Better Society Capital and Guy's & St Thomas' Foundation, reflecting Eka's positioning within the growing impact-driven venture capital segment. Dolan attributed the firm's LP recruitment success to peer recommendations and warm introductions from other impact investing professionals, underscoring the interconnectedness of the impact venture community. The firm's disciplined approach to fund sizing—maintaining focus on early-stage relationships and sector specialization rather than pursuing capital growth—contrasts with broader venture market dynamics and reflects a conviction that founder-partnership depth and thesis alignment drive superior outcomes over capital scale alone.
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