Eka Ventures raises USD $107 million for second fund

Eka Ventures has raised USD $107 million for its second fund, making the London-based firm one of the UK's largest early-stage impact investors across health, wellbeing and sustainability.

The new vehicle brings Eka's assets under management to USD $200 million. It will invest in UK-founded pre-seed and seed-stage companies, backing up to 30 businesses and reserving capital for follow-on rounds.

Investors include the British Business Bank, Better Society Capital, Guy's & St Thomas' Foundation, The Health Foundation, WRAP, Esmée Fairbairn Foundation, John Ellerman Foundation, Aurum Impact and The Vivensa Foundation.

Eka was founded in 2018 by Camilla Dolan and Jon Coker. Before launching the firm, they had invested in businesses including Gousto, Bloom & Wild, Interactive Investor, Mubi and Cloudsense.

Its first fund backed companies, including Runna, Urban Jungle, Axle, Hived, Foresight Data Machines, Jude and Flok Health. Runna, a health and fitness platform, recently exited to Strava.

Eka focuses on consumer technology businesses tied to decarbonisation, preventative healthcare and access to essential products and services. The new fund will continue that strategy, with average cheques of about USD $2 million and lead or co-lead positions in most investments.

The firm has also used an internal AI-based sourcing system since 2021 to identify founders. Eka says 47% of investments in its first fund came through that platform.

On performance, Eka says Fund I ranked in the top 5% for both DPI and TVPI among 2021 vintage funds. Portfolio companies have also raised capital from firms including Index Ventures, Accel and Balderton.

Investor backing

The participation of state-backed and mission-led institutions signals continued interest in funds targeting both financial returns and social outcomes. For the British Business Bank and Better Society Capital, the commitment also aligns with broader efforts to channel more capital into early-stage UK businesses.

"No society can succeed without a healthy population, a sustainable climate, and communities that have access to essential services. That's why our conviction in these markets is unwavering: startups innovating in these spaces are not only laying the foundations for a better future, but are also tapping into the biggest market opportunities the world has ever seen. As a fund, it's a privilege to find, back and support the country's most ambitious founders as they leverage technology to solve our biggest challenges.

The success of Fund I is a testament to the strength and long-term potential of this model, and we're already seeing that success replicated across the initial Fund II investments. Eka is proud to be catalysing impact alongside commercial returns at scale across the UK and beyond," said Jon Coker, co-founding partner at Eka Ventures.

Camilla Dolan, Co-founding Partner at Eka Ventures, outlined the firm's view on the next wave of company creation.

"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."

"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. With additional firepower, we're excited to deepen our investment in ambitious founding teams as they build businesses that deliver both meaningful impact and enduring value," said Dolan.

Public role

The British Business Bank said its commitment was intended to attract more money into the early-stage market. Better Society Capital said the new fund fits with its focus on reducing health inequalities.

"We're pleased to back another fund by Eka Ventures with a cornerstone commitment. By making these types of commitments, we aim to crowd in additional capital to funds, ultimately unlocking more funding for early-stage companies tackling important issues. Eka's Fund II will focus on measurable impact and commercial ambition: founders building solutions that not only improve lives but also benefit the economy over the long term," said Mark Sims, Managing Director and Head of Development Equity Funds at British Business Bank.

"Eka Ventures has built a strong track record backing the next generation of companies improving health outcomes through prevention and healthier lifestyles, demonstrating that technology can drive both commercially scalable solutions and meaningful social impact at scale. Fund II is closely aligned with BSC's focus on tackling health inequalities, and we're proud to deepen our partnership with the Eka team to help create a fairer health system for all," said Julie Rubenstein, Investment Director at Better Society Capital.

The fund has also drawn support from organisations focused on sustainability and charitable investment. WRAP and the Vivensa Foundation framed their backing as a way to support businesses addressing environmental and social issues through commercial models.

"The UK has world-class talent building innovative businesses that make a big impact. This commitment to Eka Ventures will help them fulfil their ambitions here in the UK, creating jobs, boosting productivity and growing the economy," said Peter Kyle, Secretary of State for Business and Trade.