Eka Ventures Becomes UK’s Largest Early-Stage Impact VC With $107M Fund II
Eka Ventures has officially closed its second fund at $107 million (£80 million), cementing its position as the largest early-stage impact venture capital firm in the UK. Founded in 2018 by Camilla Dolan and Jon Coker, the firm is doubling down on its commitment to health, wellbeing and sustainability by backing consumer tech companies that tackle systemic societal challenges.
Strategic Focus: Rewriting the Impact-Returns Equation
Eka’s investment thesis challenges the traditional notion that impact and financial returns are in tension. Instead, the firm argues that the most significant commercial opportunities of the next decade will arrive from companies that reshape essential societal systems, specifically how people eat, move, consume, and power their homes.
The strategy for Fund II is built upon three primary structural shifts:
- Preventative Healthcare: Moving from reactive to preventative care. Eka notes that while the UK spent approximately £317 billion on healthcare in 2024, only 5.2% of government spending is allocated to prevention. The firm targets companies focused on behavior change, early detection, and digitally delivered care.
- Decarbonization: Addressing consumer-driven emissions, which now represent the largest share of UK emissions (26%), as production-side emissions decline.
- Inclusive Access: Improving access to essential products and core services.
Fund II Deployment and Investment Strategy
Eka is maintaining a disciplined approach to its capital deployment, mirroring the strategy used in its first vehicle but accounting for inflation. The firm intends to stay focused on the early stage to maintain close relationships with founders.
Investment Parameters
- Target Portfolio: Up to 30 startups.
- Check Size: Average investments of around $2 million.
- Stage: Pre-seed and seed stage.
- Role: A preference for leading or co-leading rounds.
The firm has already deployed capital to six investments from the modern fund. This disciplined approach follows a successful track record with Fund I, which achieved top 5% performance.
Institutionalizing the Capital Base
The composition of Eka’s Limited Partners (LPs) reflects a strategic shift toward institutionalization. While the first fund was supported largely by founders and operators, Fund II has shifted toward larger asset managers, endowments, and foundations.
Key investors in Fund II include:
- The British Business Bank
- Better Society Capital
- Guy’s & St Thomas’ Foundation
Approximately 77% of the commitments in Fund II came from existing LPs. According to Camilla Dolan, the firm received more interest than planned but chose not to exceed its target raise to ensure the fund remained focused on its specific thesis.
Key Takeaways
| Feature | Details |
|---|---|
| Fund Size | $107 Million (£80 Million) |
| Primary Sectors | Health, Wellbeing, and Sustainability |
| Target Stage | Pre-seed and Seed |
| Portfolio Goal | Up to 30 companies |
| Key LPs | British Business Bank, Better Society Capital, Guy’s & St Thomas’ Foundation |
Frequently Asked Questions
Who founded Eka Ventures?
Eka Ventures was founded in 2018 by Camilla Dolan and Jon Coker.
What is the primary goal of Fund II?
The fund aims to back consumer tech companies working on the decarbonization of major industries, inclusive and preventative healthcare, and improved access to essential services.
How does Eka view the relationship between impact and profit?
Eka believes that the most compelling commercial opportunities emerge from companies that reshape the systems society depends on, effectively merging impact with high returns.