London-based venture capital firm Eka Ventures has announced the final close of its second fund at $107 million, equivalent to about €91.5 million, to invest in UK-founded startups working across health, wellbeing, and sustainability. The announcement marks one of the larger recent raises in the country’s impact-focused early-stage market, and the firm says the new vehicle makes it the UK’s largest early-stage impact VC by this strategy and size. The fund close was disclosed on April 13, 2026 through Eka’s own announcement and was echoed in sector coverage published the same day.
Fund Strategy
Eka said Fund II will target as many as 30 pre-seed and seed-stage businesses, writing initial cheques of roughly $2 million while reserving additional capital for follow-on rounds. The firm also plans to continue leading or co-leading the large majority of its investments, maintaining the hands-on approach it says defined its first fund. In a LinkedIn post tied to the announcement, co-founding partner Camilla Dolan framed the new vehicle as a way for Eka to remain an early, high-conviction backer of founders building businesses with both commercial potential and systems-level impact.
Investor Base
The fund was described as oversubscribed and backed by a mix of institutional and mission-driven 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 Vivensa Foundation. Separate industry coverage reported that British Business Bank made a £40 million cornerstone commitment, a detail that underscores the public-policy relevance of the raise as well as its scale within the UK venture ecosystem. Taken together, the backing suggests continued appetite among LPs for managers that combine early-stage technology investing with measurable social and environmental themes.
Track Record
Eka is entering Fund II with a first vehicle that it says ranks in the top 5 percent of its 2021 vintage for both DPI and TVPI, although that performance claim comes from the firm itself rather than an independently published benchmark in the source materials. Its first fund backed companies including Runna, which recently exited to Strava, as well as Urban Jungle, Axle, Hived, Foresight Data Machines, Jude, and Flok Health. Following the new close, Eka says its total assets under management now stand at $200 million, or about €171.1 million, giving it more firepower to support founders over a longer period.
Investment Thesis
The new fund will continue to follow the same core thesis that shaped Eka’s earlier investments, with focus areas spanning preventive and more inclusive healthcare, cleaner consumer industries, and broader access to essential products and services. In its announcement, the firm argued that some of the biggest venture opportunities now sit inside large everyday markets such as how people stay healthy, consume energy, access housing, and manage household spending. Dolan also signaled that Eka sees the next wave of category leaders emerging where technology and science meet practical consumer needs, especially in sectors where social outcomes and financial returns can reinforce one another.
Eka Ventures’ second fund close stands out not only for its size, but for what it says about the maturity of impact-led venture investing in the UK startup market. With a larger pool of capital, a repeat strategy, and backing from high-profile institutions and foundations, the firm is positioning itself to shape more of the country’s earliest company-building rounds in health and sustainability. The central question now is whether Fund II can convert that scale into another strong cycle of exits and follow-on financings, extending the model Eka says it has already validated in Fund I.