Eka Ventures Closes €91.5M Fund II For Health And Sustainability Startups

With this raise, Eka positions itself as one of the UK’s largest early-stage impact VC funds, supporting startups that aim to generate both strong financial returns and positive societal impact across health, wellbeing, and environmental sectors.

The oversubscribed fund attracted support from major limited partners, including British Business Bank, Better Society Capital, Guy’s & St Thomas’ Foundation, The Health Foundation, WRAP, Esmée Fairbairn Foundation, John Ellerman Foundation, and The Vivensa Foundation.

Founded in 2018, Eka Ventures is led by co-founders Camilla Dolan and Jon Coker. The firm focuses on pre-seed and seed-stage investments across health, wellbeing, and sustainability. Before launching Eka, the founders built a strong track record, backing successful startups such as Gousto, Bloom & Wild, Interactive Investor, Mubi and CloudSense.

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With the close of Fund II, Eka’s total assets under management have reached €171.1 million ($200 million). The firm focuses on three core areas: reducing carbon emissions in consumer industries, advancing preventive and inclusive healthcare and improving access to essential products and services through technology.

Eka’s first fund backed several notable startups, including Runna (later acquired by Strava), Urban Jungle, Axle, Hived, Foresight Data Machines, Jude, and Flok Health.

The firm reports that Fund I ranks in the top 5% globally for performance metrics like DPI and TVPI among 2021 funds. Its portfolio companies have also attracted follow-on investments from leading firms such as Index Ventures, Accel, and Balderton Capital.

Fund II will be used to invest in a new wave of UK-based startups at the pre-seed and seed stage, focusing on healthcare, sustainable consumption, and wellbeing.

Eka typically invests around €1.7 million ($2 million) per deal and leads or co-leads most of its investments. The firm plans to back up to 30 companies, with additional capital reserved for follow-on funding.

Jon Coker, co-founding Partner at Eka Ventures, commented, “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 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.”