UK-based impact-focused venture capital investor Eka Ventures announced today that has raised £80 million (USD$107 million) in commitments at the final close of its second fund (Fund II), targeting investments in early stage companies that provide solutions that make the world more sustainable, healthy and inclusive.

Launched in 2018 by Camilla Dolan and Jon Coker, Eka focuses on consumer-led “mega trends,” including “Life,” “Health,” and “Sustainability,” with investments in areas including technology that enables better access and affordability in life-essential products and services, healthcare technology that enables a shift to a preventive healthcare model, and technology that enables resource efficiency and decarbonization in large consumer industries.

The new fund will back up to 30 UK-based pre-seed and seed-stage companies, with an average first investment of approximately $2 million, with Eka aiming to lead or co-lead 90% of deals.

In a post announcing the final close of Fund II, Eka Ventures said:

“When Jon & Camilla founded Eka in 2018, the prevailing view was that “impact” and “returns” sat on opposite sides of a trade-off. Eka’s thesis has always been the opposite: that the biggest commercial opportunities of the next decade will come from the companies rewiring the systems society depends on, including how we eat, how we stay well, how we move, how we consume, how we power our homes.”

LPs participating in the fund include British Business Bank, which made a £40 million commitment, as well as Better Society Capital, Guy’s & St Thomas’ Foundation, The Health Foundation, WRAP, Esmée Fairbairn Foundation, John Ellerman Foundation, and Vivensa Foundation, among others.

Mark Sims, Managing Director – Head of Development Equity Funds at British Business Bank, said:

“Eka’s Fund II will focus on measurable impact and commercial ambition; those founders building solutions that not only improve lives but ultimately benefit the economy long-term.”