Eka closes $107M Fund II and becomes UK’s largest early-stage Impact VC

Eka VC announced the final close of its second fund at $107 million (£80 million). This milestone cements Eka’s position as the UK’s largest early-stage impact investor focused on the intersection of health, wellbeing, and sustainability.

With total Assets Under Management (AUM) now reaching $200 million, Eka’s Fund II will back up to 30 UK-based startups at the pre-seed and seed stages. The firm plans to lead or co-lead 90% of its deals with an average initial check size of $2 million, while maintaining significant reserves for follow-on investments.

Eka was founded in 2018 by Jon Huggins and Camilla Richards on the conviction that the decade’s greatest commercial opportunities lie in rewiring the systems society depends on. Fund II will double down on three core pillars:

• Preventative Healthcare: Shifting the UK’s healthcare spend (currently £317 billion) away from reactive treatment toward earlier detection and digital care.
• Decarbonizing Consumer Industries: Addressing the 26% of UK emissions driven by consumer expenditure through innovations in transport, food, and home energy.
• Social Determinants of Health: Utilizing technology to expand access to essential services like insurance, housing, and education for underserved populations.

The launch of Fund II follows the exceptional performance of Eka’s first fund, which currently sits in the top 5% of its 2021 vintage for both Distributed to Paid-In Capital (DPI) and Total Value to Paid-In Capital (TVPI).

Fund II is backed by a prestigious group of Limited Partners (LPs) who share Eka’s vision of compounding commercial and societal returns. Key investors include: British Business Bank, Better Society Capital, Guy’s & St Thomas’ Foundation, The Health Foundation, WRAP, Esmée Fairbairn Foundation, John Ellerman Foundation, Vivensa Foundation.