After having backed Huboo, Organise, MOONHUB, SideQuest, and Spill, London’s Ada Ventures is restocking the shelves and going for round two, announcing their second fund with a £36 million at first close.
From its first fund, Ada hosts a portfolio of 28 investments with an aggregate of £100 million in additional investments from firms including Mubadala, GV, and Index Ventures, according to the firm the part deux will focus on, “early-stage entrepreneurs who are solving some of society’s biggest problems, with a special focus on the climate, healthcare and aging, and economic empowerment.”
Ada Ventures’ refill is cornerstoned by the British Business Bank through its Enterprise Capital Funds programme, Plexo Capital, the University of Edinburgh, and a number of entrepreneurs and investors including Wise's Taavet Hinrikus and Teleport's Sten Tamkivi, aka Taavet+Sten and the Supercell co-founders Ilkka Paananen and Mikko Kodisoja.
“Reaching this milestone of a second fund, backed by some of the biggest names in global venture and now having £84 million under management follows on from the success of our first fund,” commented Ada Ventures founding partner Francesca (Check) Warner. “Investors have seen how we source deals and how we find breakthrough companies making a positive societal impact. They can see our approach works. Not only have we opened opportunities for extraordinary founders, but we have also shown that a more diverse deal flow leads to exceptional returns.”