Announcing Ada Ventures Fund II

Today we announce the launch of Ada Ventures Fund II and our first close of £36m.

The Ada Ventures Team (plus Pip!) in the office. Diarra, Check, baby Pip, Xun and Matt.

Ada Ventures II enables us to continue building an inclusive venture capital fund investing in breakthrough ideas for the hardest problems we face. We are delighted to be backed by so many returning Fund I investors including the British Business Bank’s Enterprise Capital Fund programme, Atomico, Inovia, Taavet+Sten, the Supercell founders and many more. We are also really pleased to be joined by new mission-aligned investors including Plexo Capital, the University of Edinburgh and Molten.

So what happened with Fund I?

So what will stay the same between Funds I and II?

Open Venture

We still operate ‘open venture’, the three principals that Ada was founded around in 2018:

Pre-seed and Seed, UK Focus

We still invest in UK technologies at two stages, pre-seed and seed. We plan to make about 30 pre-seed investments over the next four years and about 10 seed investments.

What will change for Fund II?

Thematic focus — climate, healthcare & ageing, economic empowerment.

We’re focusing on three thematic areas for Fund II — three of the most pressing issues of our time. These are — the future of the planet, the ageing population and access to fair and equitable financial products and fairly paid, dignified work. We are looking forward to investing in founders building a fairer, more equitable future for millions of people in these areas.

If you are building a company in one of these areas, in the UK and raising a pre-seed or seed round, we would love to hear from you! You can apply on our website here.

Ada’s Core Team in front of Difference Engine no2 — worked on by Ada Lovelace

Doubling down on social impact

During the course of Fund I we invested in business tackling underserved and unserved people including low paid workers, people over the age of 75, people without access to dignified, fairly paid work. We are even more focused on funding founders building businesses having positive societal impact, particularly for underserved groups, for Fund II and have made a commitment that 60% of our investments will be socially impactful.

Expanding angels and scouts

Today we are also launching an expanded angel programme, building on the learnings of our first angel programme in 2020, focusing on angels investing in the regions and recruiting the angels in part from our scout network. The 20 angels will also have specific operational expertise in areas like engineering, performance marketing, people and product.

Angel investing has incredibly high barriers to entry. Nationally, the estimated total proportion of female angel investors sits between only 15–18% (Investing in Women Code Report, 2021), and 10% for Mixed, Arab, Asian or Black ethnicity angel investors (UK Business Angels Association and British Business Bank, 2020).

We believe that this lack of diversity at investor level has a direct repercussion on the types of companies that get funded — which is why we launched our first cohort of Ada’s Angels. We have been so impressed by the quality of work that this first cohort have provided — each of them has invested into at least four high quality companies which they truly believe in, and six of these have become fund investments as well.

For our second cohort, we want to build on what we have learned with our first cohort and continue to:

We hope you will apply. The applications can be found here.

Finally, but very importantly, we are hiring two more full time people to come and join me, Matt, Xun and Diarra.

If you’d like to be part if the Ada Ventures team, please check out the job posts and descriptions of how to apply here.

Applications close on the 9th October.

Thank you for reading!

Sources:

--

--

Partner, Ada Ventures. Investing in breakthrough ideas for the hardest problems we face. Co-founder & CEO of Diversity VC. www.adaventures.com

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Francesca (Check) Warner

Partner, Ada Ventures. Investing in breakthrough ideas for the hardest problems we face. Co-founder & CEO of Diversity VC. www.adaventures.com