Eka Ventures announces $95m final close of its Impact VC fund, investing in companies focused on sustainability, healthcare and inclusivity
ClearlySo is delighted to see Eka Ventures close its UK focused Impact VC fund, sharing the mission of bringing impact investing to mainstream venture capital.
London, United Kingdom – Eka Ventures, an impact VC focused on Tech for Good, announces the final close of its $95m (£68m) fund. The early-stage impact fund includes investors such as British Business Bank, Big Society Capital (BSC), Isomer, Guys and St Thomas Foundation, Planet First Partners, Draper Esprit, Snowball and others. The fund is also backed by 24 entrepreneurs, 12 of whom are founders that the partners at Eka Ventures have previously backed as well.
The fund emphasises Eka Ventures’ mission to drive impact investing into mainstream venture capital, working with Tech for Good businesses tackling social challenges with consumer technology to positively shape the world, while targeting financial returns. The fund will centre around UK based, early-stage companies addressing the themes of sustainable consumption, consumer healthcare, and the ‘inclusive economy’.
Eka founders, Jon Coker, Camilla Dolan and Andrew Richardson are all experienced in venture capital, having been involved with notable companies such as, Gousto, Bloom & Wild, Peak and Elder. They hope to carry this forward into their work on what they believe is the largest impact-driven early-stage venture capital fund focused on the UK.
The fund announcement comes at a time when we are seeing a progressive shift in public sentiment around sustainability. According to Sustainable Consumer research by Deloitte, 85% of UK consumers are now making more sustainable lifestyle choices this past year. The pandemic has led to a change in well-established consumer habits and behaviours that many people believe will continue long after it is over. Long-awaited digitisation of healthcare provisions has also surged because of COVID-19 and the growing necessity for healthcare solutions that lessen the burden on national health services, with virtual healthcare solutions predicted to stick in a post-pandemic world. Likewise, the past year has pushed notions of equality and inclusivity in companies, or lack thereof under the microscope, putting pressure on existing businesses and brands to self-reflect and align with consumer attitudes. With this funding round closing, it is a significant step for the Tech for Good space and the next generation of businesses that will benefit from this additional impact-focused venture capital.
Jon Coker, General Partner of Eka, says: “Over the next 20 years the effect our old business systems have on our health and climate is going to become increasingly and undeniably apparent. At the same time the power of our new technologies to meet, shape and change these old businesses systems can be realised in mainstream adoption. The combination of these two dynamics will create an environment of unparalleled opportunity for entrepreneurs to build companies of extraordinary value that positively shape the world. These are the entrepreneurs we set up Eka to back.”
Douglas Sloan, Investment Director at Big Society Capital, says: “It’s been hugely rewarding and exciting to work with Eka on developing their approach to investing with impact. The team brings a track record of successful VC investing and a thoughtful thesis on identifying areas where impact and commercial value are delivered in parallel. With an impact lens embedded into its core investment tools and decision making, we’re excited about Eka’s potential to create impactful ventures which tackle the problems of those most in need, at scale.”
Jon Wright, who led ClearlySo’s work with Eka Ventures, commented: “ClearlySo is very glad to see Eka’s successful raise, demonstrating that LPs see strong prospects in funds backing companies which tie impact to financial returns.”
Notes to Editors
About Eka Ventures
Eka Ventures is a Venture Capital firm investing in late Seed/early Series A consumer technology companies that positively shape the world, making it more sustainable, healthy and inclusive.
ClearlySo is Europe’s leading impact investment bank, working exclusively with enterprises and funds delivering positive social, ethical, and/or environmental impact as well as financial return. Originally founded in 2008, ClearlySo has helped more than 150 clients with advisory and capital raising services—helping funds raise more than £404m and businesses and enterprises raise more than £224m in impact investment from its extensive network of institutional investors, family office and high-net-worth individuals. ClearlySo is headquartered in London.
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