Early-stage impact VC Eka Ventures has announced its £80m second fund to back UK-founded startups in the health, wellbeing and sustainability spaces.
The round includes £40m from the British Business Bank, which previously supported Eka’s first fund in 2021 that closed at £68m.
Other investors in the fund include Better Society Capital, Guy’s & St Thomas’ Foundation, The Health Foundation, WRAP, Esmée Fairbairn Foundation, John Ellerman Foundation and Vivensa Foundation.
Fund II will target pre-seed and seed-stage UK businesses, with plans to invest in up to 30 companies across the three sectors.
“Our philosophy from day one has been that investing in the right founders and giving them the autonomy to move fast, take risks and set audacious goals is what unlocks truly game changing outcomes, both commercially and societally,” says Camilla Dolan, co-founding partner at Eka Ventures.
“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.”
Founded in 2018, Eka Ventures invests in early-stage businesses focused on sustainability, health and inclusion. Previous portfolio companies include health and fitness platform Runna (recently exited to Strava), household energy platform Axle and socially responsible insurance provider Urban Jungle.
British Business Bank says the latest investment forms part of its Enterprise Capital Funds programme, which aims to increase the supply of equity capital to early-stage UK businesses.
“Eka Ventures is working with founders who are rethinking how we consume, stay healthy and build more inclusive systems – areas where early-stage capital can make a huge difference,” adds Misodzi Mukungurutse, senior investment manager at the British Business Bank.
“Our most recent commitment will ensure that pre-seed and seed-stage UK businesses have the support they need to grow, create jobs, and build a more sustainable and purpose-driven economy.”
