Early-stage investment fund Ascension VC announced a €19.8 million first close of its new institutional impact fund, which will back talented founders leveraging technology to build more resilient societies. A second close of the overall £50 million (approx €58.36 million) will follow in 2025.
Ascension Fund III (AFIII) aims to reduce social inequalities by allowing tech to serve a mass market and low-income audience.
The first close of AFIII is backed by a mix of existing and new investors, including anchor Big Society Capital, Housing Association Places for People, Esmee Fairbairn, several Family Offices, and HNW individuals. Ascension-backed founders, notably Wagestream and Percent, also participate.
AFIII brings together rich experience in identifying and backing leading Tech4Good businesses. Over the past five years, they have demonstrated that impactful investments can yield significant returns, highlighted by the early acquisitions of Credit Kudos by Apple and Guardian Angel by Octopus Wealth.
According to Jean de Fougerolles, Ascension's Managing Partner:
"At AFIII, we believe in the power of technology to drive positive change.
Our fund is dedicated to identifying commercially astute mission-driven founders who are at the forefront of key tech trends, capable of delivering attractive venture-style returns while reducing social inequalities."
Emma Steele, Partner at Ascension, added:
"What's so exciting about this fund is that it sits at the intersection of major tech trends such as AI/ML, digital health, future of work, fintech, energy decentralisation and decarbonisation, reinforcing the funds' ambition of achieving venture-level returns whilst producing deep social impact.
We're on the hunt for impact dragons(aka fund returners)!"
Gabriel Ng, Investment Director at anchor investor Big Society Capital, said: "
We are excited to back Ascension Fund III and the 'impact dragons' that they'll be investing in.
The cost of living crisis hits the most vulnerable in our society hardest, and Tech4Good ventures can play a substantial role in redressing some of these inequalities by mitigating their impacts and addressing their root causes.
We have seen companies backed by Ascension do just that in their Fair By Design fund, tackling the poverty premium and as a consequence, generating outsize financial performance."
Lead image: Ascension VC. Photo: uncredited.
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