London-based Ada Ventures, an early-stage venture capital firm, announced on Tuesday that it has reached a £36M (approximately €41M) first close of its second fund – Fund II.
The investors in Ada Venture Fund II include the British Business Bank through its Enterprise Capital Funds programme, Plexo Capital, the University of Edinburgh, and a slew of entrepreneurs and investors like Taavet+Sten and the Supercell co-founders.
With Fund II, the UK VC will focus on funding early-stage entrepreneurs who solve society’s biggest problems, with a focus on the climate, healthcare and ageing, and economic empowerment.
Check Warner, Founding Partner at Ada Ventures, says, “Reaching this milestone of a second fund, backed by some of the biggest names in global venture and now having £84M under management follows on from the success of our first fund. Investors have seen how we source deals and find breakthrough companies making a positive societal impact. They can see our approach works. We have opened opportunities for extraordinary founders and shown that a more diverse deal flow leads to exceptional returns.”