Eka Ventures Closes $107M Fund II, Targets Impact Tech in 2026

LONDON, April 13, 2026 — Eka Ventures has closed its second fund at $107 million, maintaining its focus on early-stage investments in health, wellbeing, and sustainability sectors, according to TechFundingNews. The UK-focused venture capital firm, founded in 2018 by Camilla Dolan and Jon Coker, plans to deploy the capital across approximately 30 companies at pre-seed and seed stages with typical check sizes of around $2 million.

Executive Summary

Eka Ventures' Fund II represents a strategic continuation of the firm's impact investing approach, targeting consumer technology companies working on decarbonization, preventative healthcare, and improved access to essential services. For more on [related investments developments](/jimini-health-m13-zetta-target-ai-behavioral-health-expansio-31-march-2026). The fund has already deployed capital across six investments and attracted significant interest from institutional limited partners, with 77% of commitments coming from existing investors.

Key Developments

The $107 million Fund II reflects Eka Ventures' disciplined approach to growth, with founder Camilla Dolan describing it as "exactly the same strategy — with inflation baked into it." The final close amount represents only a modest increase from the firm's first fund, demonstrating the team's commitment to maintaining their early-stage focus and preserving close founder relationships.

The firm's investor base has undergone significant institutionalization, shifting from previous founders and operators who supported Fund I to larger asset managers including foundations and endowments. Notable limited partners include the British Business Bank, Better Society Capital, and Guy's & St Thomas' Foundation. According to Dolan, the firm received more interest than planned but chose not to exceed their target raise amount.

Eka Ventures achieved a significant milestone with its first major exit when Runna, a training app for running, was acquired by Strava last year. The exit's direct return on investment (DPI) and projected return on investment (TVPI) positioned Fund I in the top 5% globally against a 2021 Cambridge Associates benchmark, according to Dolan. The firm's existing portfolio includes socially responsible insurance provider Urban Jungle, household energy platform Axle, and digital physiotherapy company Flok.

The firm has developed proprietary sourcing capabilities, with 47% of deals originating from an in-house data platform that filters approximately 10,000 startups down to the 1,000 companies the team meets annually. Each investment includes a "social objectives" clause to ensure ongoing mission alignment.

Market Context

The impact investing sector has faced headwinds amid broader venture capital market corrections, yet specialized funds like Eka continue to attract institutional capital. The shift toward larger, more stable limited partners reflects the maturation of impact investing as an asset class, moving beyond early adopters to mainstream institutional investors.

Healthcare technology and sustainability sectors remain attractive to investors despite regulatory challenges and longer development cycles. The convergence of artificial intelligence with hardware solutions is creating new opportunities for end-to-end platform businesses that can capture greater economic value in highly regulated industries like healthcare.

Early-stage venture funding has contracted significantly from 2021 peaks, making successful fund raises and strong performance metrics increasingly important for emerging managers seeking to establish institutional relationships and secure future fundraising rounds.

BUSINESS 2.0 Analysis

Eka Ventures' approach represents a compelling case study in disciplined venture capital scaling. By maintaining consistent check sizes and portfolio construction while gradually institutionalizing their limited partner base, the firm appears to be building sustainable competitive advantages in impact investing.

The development of proprietary sourcing technology addressing deal flow challenges that plague many early-stage investors demonstrates operational sophistication beyond typical fund management. For more on [related investments developments](/impact-trump-executive-order-ai-investments-eu-ai-act-global-state-legal-frameworks-2026-13-december-2024). The ability to systematically identify "exceptionalism" through data-driven processes, as evidenced by investments in founders like Hived's Murvah Iqbal, suggests a replicable investment process that could drive consistent returns.

The timing of Fund II's close amid challenging market conditions validates the firm's thesis and execution capabilities. The strong re-up rate from existing limited partners, combined with successful exits like Runna, provides credible evidence of value creation that should facilitate future fundraising efforts.

However, the firm faces execution risks common to impact investing strategies. Balancing social objectives with financial returns requires careful portfolio construction and active portfolio management. The relatively small fund size may also limit participation in larger rounds as portfolio companies scale, potentially constraining ownership percentages and absolute returns.

The focus on end-to-end platform plays and AI-hardware combinations positions Eka well for emerging investment themes, though successful execution will require deep technical due diligence capabilities and sector expertise to navigate complex regulatory environments.

Why This Matters for Industry Stakeholders

Limited Partners: Eka's performance metrics and institutional LP adoption provide a benchmark for evaluating impact investing strategies and demonstrate that social objectives can align with strong financial returns in early-stage technology investments.

Entrepreneurs: The firm's proprietary sourcing platform and focus on overlooked founders creates opportunities for mission-driven entrepreneurs who may not have traditional venture capital networks, while the "social objectives" clause provides ongoing alignment on impact metrics.

Healthcare and Sustainability Companies: Eka's sector focus and technical expertise in regulated industries offers specialized capital and operational support that generalist investors may not provide, particularly valuable for companies navigating complex compliance requirements.

Later-Stage Investors: The firm's systematic approach to early-stage deal sourcing and portfolio development creates potential pipeline opportunities for growth and expansion stage funds seeking mission-aligned investments with proven product-market fit.

Forward Outlook

Eka Ventures appears well-positioned to deploy Fund II capital over the next 3-4 years, with early investments already underway and strong deal flow through proprietary sourcing channels. The firm's emphasis on end-to-end platforms and AI-hardware integration aligns with broader technology trends that should create attractive investment opportunities.

The institutionalization of the limited partner base provides a foundation for future fund raises, though the firm will need to demonstrate continued strong performance to maintain investor interest amid increasing competition in impact investing. For more on [related investments developments](/edra-sequoia-signal-ai-workflow-automation-expansion-in-2026-19-march-2026). The successful Runna exit provides credibility, but additional portfolio company exits will be necessary to establish consistent track record.

Market conditions for early-stage investing remain challenging, but Eka's focus on essential services and regulated industries may provide some insulation from broader economic volatility. The firm's disciplined approach to fund sizing and investment pace should help weather market downturns while positioning for opportunities as valuations normalize.

Disclaimer: This analysis is based on publicly available information and does not constitute investment advice. Market conditions and company performance may vary significantly from current expectations.

Key Takeaways

• Eka Ventures closed $107M Fund II with 77% commitment from existing LPs, demonstrating strong institutional support
• Fund I's Runna exit placed performance in top 5% globally against 2021 Cambridge Associates benchmark
• Proprietary data platform sources 47% of deals, filtering 10,000 startups to 1,000 annual meetings
• Investment strategy targets end-to-end platforms combining AI software and hardware in regulated industries
• Firm maintains $2M average check sizes across 30 companies, preserving early-stage focus and founder relationships

References

1. TechFundingNews - Eka Ventures $107M Fund II
2. Cambridge Associates Benchmark Data
3. British Business Bank

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Source: TechFundingNews