London based Eka Ventures has confirmed the final close of its second fund at $107 million (£80 million), marking its position as the largest early-stage impact investor in the UK. The new capital brings the firm’s total assets under management to $200 million. The team plans to invest in up to 30 UK startups at the pre-seed and seed stages, focusing specifically on health, sustainability and life-essential services.

The firm’s investment thesis is driven by three major structural shifts in the economy. The first is a move from reactive to preventative healthcare. Eka pointed out that while the UK spent roughly £317 billion on healthcare in 2024, only 5.2% of government expenditure went toward prevention. The firm believes that for every £1 spent on treatment, only 5p is used to stop illness before it starts, creating a massive opportunity for technology that promotes early detection and behaviour change.

The second pillar focuses on the decarbonisation of consumer industries. Data shows that consumer expenditure accounted for 26.0% of total UK emissions in 2024. Eka argues that the climate fight has moved beyond industrial production and is now a consumer fight involving food, travel and home energy. The third pillar involves using technology to increase access to the social determinants of health, such as housing and insurance, for those who have previously been excluded.

Eka reports that its first fund, launched in 2021, is currently in the top 5% for both DPI and TVPI in its vintage. The portfolio includes successful names such as Runna, which recently exited to Strava, alongside Urban Jungle, Hived and Flok Health. A key part of the firm’s success is a proprietary AI-backed sourcing platform. Since 2021, this system has identified 47% of the firm’s investments by finding founders who operate outside traditional venture networks.

Fund II has attracted a range of high profile institutional backers. These include the British Business Bank, Better Society Capital, Guy’s & St Thomas’ Foundation and the Esmée Fairbairn Foundation. The firm typically leads or co-leads 90% of its deals with an average initial cheque of $2 million.

Camilla Dolan, Co-founding Partner at Eka Ventures, said: “Our philosophy from day one has been that investing in the right founders and giving them the autonomy to move fast, take risks and set audacious goals is what unlocks truly game-changing outcomes, both commercially and societally.”