Eka Ventures has closed the biggest ever UK-focused VC impact fund, which will targe sustainable consumption, consumer healthcare and the inclusive economy.
The firm has hit a £68m final close for the vehicle thanks to support from LPs including British Business Bank, BSC, Isomer, Guys and St Thomas Foundation, Planet First Partners, Draper Esprit and Snowball.
Eka says it was founded on the belief that the most successful businesses of the next generation will be built to solve a clear social or environmental challenge and is integrating impact investing into mainstream venture capital.
The firm will focus on consumer tech companies looking to redefine business systems to be more sustainable, healthy and inclusive.
Its fund will focus on the UK, invest early and lead rounds, making investments between £500,000 and $3m.
Eka was founded by Jon Coker, Camilla Dolan and Andrew Richardson, who between them have more than 30 years of experience in venture capital.
Deals done by the founders include Gousto, Bloom & Wild, Peak and Elder.
Coker said, “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.”
Dolan added, “We are looking for entrepreneurs who set the bar for impact driven innovation high and who are focused on fundamentally changing or creating a category, in the same way Tesla has single-handedly propelled the electric vehicle industry forward.
“We set Eka up to back companies with that level of ambition.”
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