UK impact venture capital firm Eka Ventures has successfully raised its second fund, totaling $107 million.

      When Eka Ventures finalized its first fund at £68 million in 2021, the London-based firm asserted a stance that few UK VCs were prepared to take at that time: that impact investing and venture-scale returns are not mutually exclusive but are part of a coherent strategy. Five years later, the firm is reaffirming that position. Eka has successfully closed its second fund at $107 million (£80 million), which raises its total assets under management to $200 million and positions it as the largest early-stage impact VC in the UK, focusing on health, wellbeing, and sustainability.

      Fund II aims to support up to 30 pre-seed and seed-stage companies in the UK, with an average initial investment of around $2 million and additional reserves for follow-on funding. The firm asserts it will continue to lead or co-lead 90% of its deals, a practice it upheld with its first fund. The investment thesis remains intact: they focus on consumer technology companies that operate at the convergence of preventative healthcare, sustainable consumption, and enhancing access to essential services like housing, insurance, and education.

      The supporters backing this thesis represent a notable mix of public-interest capital and philanthropic organizations. The limited partners for Fund II include 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 suggests that the performance of its first fund bolsters this 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) among its 2021 peers, although these figures have not been independently confirmed. The portfolio features companies such as Runna, the running training app that Strava acquired in April 2025, along with Urban Jungle, Axle, Hived, Foresight Data Machines, Jude, and Flok Health. Several of these companies have attracted investments from Index Ventures, Accel, and Balderton.

      The market that Eka seeks to address is vast, even if it doesn't always fit into the traditional tech category recognized by VCs. The UK allocated 10.9% of its GDP to health in 2023, according to the King’s Fund, with total healthcare spending projected to reach approximately £317 billion in 2024. However, preventive care accounted for only 5.2% of governmental healthcare expenditures according to the ONS. Eka identifies the gap between treatment and preventive spending as one of the most significant business opportunities in the UK economy: companies that promote wellness through early detection, behavioral change, and digital care are alleviating a structural inefficiency that costs the NHS billions annually.

      On the sustainability front, the firm references ONS data indicating that consumer spending is now the largest contributor to UK greenhouse gas emissions, accounting for 26% of the total in 2024, while transportation follows closely at 16.1%. This suggests that consumer behavior is increasingly critical to decarbonization, alongside industrial policy, with companies transforming how people eat, travel, heat their homes, and shop positioned at the forefront of this transformation.

      The relationship between venture capital and climate technology is complex, as sustainability startups often require longer development timelines than traditional VC structures typically accommodate. Eka’s model—investing early and concentrating on consumer-facing technology with clear product-market fit—offers a way to navigate this challenge.

      A unique aspect of Eka’s approach is its AI-driven sourcing platform, which the firm claims has accounted for 47% of its Fund I investments since 2021. Developed in-house, this tool is intended to identify founders who are not yet known to larger firms. In a seed-stage market where deal flow frequently relies on personal networks and warm introductions, a systematic sourcing approach could be a significant differentiator if it continues to yield results.

      Founded in 2018 by Jon Coker and Camilla Dolan, Eka has a background in ventures that includes 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. That’s why our commitment to these markets is steadfast: startups innovating in these areas are not only creating a foundation for a better future but are also tapping into the largest market opportunities the world has ever encountered.

      “The success of Fund I demonstrates the strength and long-term viability of this model, and we are already observing that success mirrored in our initial Fund II investments. Eka is proud to be fostering impact while achieving significant commercial returns across the UK and beyond.”

      The firm’s focus on consumer technology is evident in its portfolio, which consists of product-led businesses focused on tangible consumer problems in markets where regulatory and demographic forces are creating favorable