London-based venture capital firm Ascension Ventures has received a commitment of up to $13.6 Million from the British Business Bank to support early-stage founders across the UK. The funding is designed to improve access to capital for businesses outside London and the South East, ensuring that promising entrepreneurs nationwide can scale with patient, long-term investment. This new commitment reinforces Ascension’s focus on pre-Seed and Seed-stage companies across technology and impact-driven sectors.
Strengthening Regional Equity Access
The British Business Bank’s contribution comes through its Regional Angels Programme, launched in 2019 to address geographic imbalances in early-stage equity finance. The initiative specifically targets angel networks and other early-stage investors operating outside London, where access to funding has historically been limited. By partnering with Ascension Ventures, the programme aims to channel capital directly to high-potential founders in underserved regions.
Building on Previous Fund Success
The announcement follows the successful closure of Ascension’s 2024 $23.4 million Tech4Good pre-Seed fund, which focused on socially impactful technology startups. Jean de Fougerolles, Managing Partner at Ascension, highlighted the significance of the new commitment, stating, “We have long believed that talent is distributed across the UK, but opportunity is not. This up to $13 million commitment from the British Business Bank allows us to double down on our mission to back exceptional founders regardless of their postcode.” The partnership ensures that Ascension can continue to deploy capital where it is most needed.
European Early-Stage Market Trends
The UK’s funding activity reflects broader momentum in Europe’s pre-Seed and Seed markets. In Germany, Munich-based Vanagon Ventures raised $23 million to back DeepTech and AI startups, while Copenhagen-based The Footprint Firm closed its $90 million Footprint Fund I for early-stage climate and DeepTech ventures. The UK itself has seen multiple significant fundraises, including Concept Ventures' $88 million pre-Seed fund and 2150’s $249 million second fund, which maintains support for early-stage companies.
Elsewhere in Europe, Milan-based Step Venture launched a $35 million early-stage fund, and the Netherlands’ Rubio Impact Ventures closed $83 million for its third impact-focused vehicle. In total, these transactions represent over $569 million committed to early-stage and adjacent funds in a short period, highlighting sustained investor confidence in Europe’s startup ecosystem.
Targeted Impact of Ascension’s Commitment
While Ascension Ventures’ new funding sits at the smaller end of recent European fund sizes, its impact is strategically focused on regional founders in the UK. Mark Barry, Senior Investment Director at the British Business Bank, emphasized the importance of the partnership, saying, “We’re delighted to partner with Ascension, who have an incredible founder-friendly reputation. This reputation, coupled with how they have demonstrated their commitment to invest commercially with impact across the UK, makes this an exciting commitment through our Regional Angels Programme.”
Founded in 2015 by former operators, Ascension Ventures manages over $136 million in assets and has supported more than 150 early-stage companies, achieving 15 exits. The new funding will be deployed alongside Ascension’s existing EIS/SEIS funds and its institutional impact fund, Ascension Fund III, enabling the firm to continue writing high-conviction cheques and providing patient, long-term support.
The strategic partnership between Ascension Ventures and the British Business Bank reinforces the firm’s commitment to the regions, enabling founders across the UK to access capital and expertise on equal footing with those in London. By combining regional focus with a proven track record in tech and impact investing, Ascension is well-positioned to support the next generation of category-defining companies. The initiative underscores a broader trend of strengthening regional innovation ecosystems, ensuring that high-potential startups nationwide receive the resources needed to grow and succeed.