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Ada Ventures fund closes £36m to back early-stage startups

Ada Ventures second fund

Early-stage investor Ada Ventures has reached a first close of £36m for its second fund that will target early-stage startups focusing on areas including climate, healthcare, ageing and economic empowerment.

The capital came from a cornerstone commitment from British Business Bank, Plexo Capital, University of Edinburgh, Taavet+Sten and the co-founders of Supercell, among others.

Check Warner, founding partner, Ada Ventures said: “We are constantly working to improve our deal-sourcing programmes and methodology, but we are proud to say that it is fairer, it works towards creating fairer access to VC funding, and it leads to phenomenal returns.”

It follows from the London-based investor’s first fund that backed 28 companies such as Huboo, Organise, MOONHUB, SideQuest and Spill.

Ecommerce platform Huboo recently secured a £60m Series B investment.

Ada Ventures says that Fund I has around 55% female founders and 30% ethnic minority founders.

Matt Penneycard, founding partner, Ada Ventures said: “We have intentionally built Ada Ventures so that it is accessible to everyone, and anyone – wherever they are – can be involved in the process of venture capital without needing to rely on an existing network of contacts.”

Founded by Check Warner and Matt Penneycard, Ada Ventures typically makes starting investments of £500,000.

It comes hot on the heels of venture capital firm 83North closing $400m (£357m) to invest in the US, Europe and Israel.