UK impact venture capital firm Eka Ventures has successfully closed its second fund at $107 million.

      When Eka Ventures finalized the closing of its inaugural fund at £68 million in 2021, the London-based firm asserted a position that few UK venture capitalists were prepared to take at that time: that impact investing and substantial venture returns were not mutually exclusive but rather a foundational principle.

      Now, five years later, the firm is reinforcing its stance. Eka has successfully closed its second fund at $107 million (£80 million), increasing its total assets under management to $200 million, and, as stated by the firm, establishing it as the largest early-stage impact VC in the UK focused on health, wellbeing, and sustainability.

      Fund II aims to invest in up to 30 pre-seed and seed-stage companies in the UK, with an average initial investment of around $2 million and funds allocated for future investments. The firm notes its intention to lead or co-lead 90% of its deals, a practice it adhered to during its first fund.

      The investment thesis remains the same: supporting consumer technology firms that operate at the intersection of preventative healthcare, sustainable consumption, and increased access to essential services like housing, insurance, and education.

      The supporters backing this thesis include a notable mix of public-interest capital and philanthropic foundations. The limited partner base for Fund II features the British Business Bank (which invested £36 million in Fund I), Better Society Capital, Guy’s & St Thomas’ Foundation, The Health Foundation, WRAP, Esmée Fairbairn Foundation, John Ellerman Foundation, and Vivensa Foundation, among others.

      Eka asserts that the performance of its inaugural fund reinforces its thesis. The firm claims that Fund I ranks in the top 5% for both DPI (distributions to paid-in capital) and TVPI (total value to paid-in capital) in its 2021 cohort, although these figures have not been independently validated.

      The portfolio contains companies like Runna, the running training app acquired by Strava in April 2025, along with Urban Jungle, Axle, Hived, Foresight Data Machines, Jude, and Flok Health. Several of these portfolio companies have subsequently raised funds from firms such as Index Ventures, Accel, and Balderton.

      The market targeted by Eka is vast, even if it doesn’t always fit the traditional tech VC definition. In 2023, the UK allocated 10.9% of its GDP to health care, according to the King’s Fund, with total healthcare spending reaching approximately £317 billion in 2024.

      However, preventive care represented only 5.2% of government healthcare expenditure, per the ONS. Eka views the disparity between spending on treatment and prevention as one of the highest-leverage commercial opportunities in the UK economy: companies that promote wellness through early detection, behavioral change, and digitally delivered care are addressing a structural inefficiency that costs the NHS billions annually.

      On the sustainability front, the firm highlights ONS data indicating that consumer spending has become the largest contributor to UK greenhouse gas emissions, at 26% of the total for 2024, with transport closely following at 16.1%.

      This suggests that decarbonization increasingly relies on consumer behavior, not solely industrial policy, and that the companies transforming consumer habits around food, travel, home heating, and purchasing are central to this transition.

      The relationship between venture capital and climate technology remains complex, with sustainability startups often needing longer development timelines than traditional VC fund models typically accommodate. Eka's approach, which focuses on early investment in consumer-facing technologies with defined product-market fit, is one method to reconcile this challenge.

      A unique aspect of Eka’s operation is its AI-driven sourcing platform, which the firm claims accounts for 47% of Fund I's investments since 2021. Developed in-house, this tool aims to identify founders who have not yet gained attention from larger firms.

      In a seed-stage market where deal flow often relies on personal networks and warm introductions, a systematic sourcing strategy serves as a significant differentiator, as long as it continues to yield positive results.

      Founded in 2018 by Jon Coker and Camilla Dolan, Eka emerged from a venture background that included early involvement with companies like Gousto, Bloom & Wild, and Elder.

      Jon Coker, co-founding Partner at Eka Ventures, stated: “No society can thrive without a healthy population, a sustainable climate, and communities with access to essential services. This is why our confidence in these markets is steadfast: startups innovating in these areas are not only building the foundations for a better future but are also capitalizing on the largest market opportunities we have ever seen.

      “The success of Fund I is a testament to the sustained strength and long-term potential of this model, and we are already witnessing similar success across our initial Fund II investments. Eka takes pride in driving impact alongside commercial returns at scale across the UK and beyond.”

      The firm’s origins