WRAP backs Eka Ventures' $107m impact fund targeting sustainability startups. London-based impact investor Eka Ventures has closed an oversubscribed $107m (£80m) second fund, making it the UK's largest early-stage impact VC. WRAP is among the backers of the fund, which will target up to 30 pre-seed and seed stage companies across health, wellbeing and sustainability.
The close brings Eka's total assets under management to $200m. The fund, also backed by the British Business Bank, Better Society Capital, Guy's & St Thomas' Foundation and the Esmee Fairbairn Foundation, will deploy an average cheque of $2m, leading or co-leading 90 per cent of its deals. Founded in 2018 by Camilla Dolan and Jon Coker, Eka's first fund ranked in the top five per cent for both DPI and TVPI in its 2021 vintage.
Claire Shrewsbury, director of insights and innovation at WRAP, said: "Providing crucial funding to innovative new businesses at key stages in their development is essential to scale operations, and nurture true entrepreneurial spirit. Our vision is to bring the circular economy into every boardroom and every home and this funding programme will help realise that ambition."
Eco Sustainable Solutions has submitted plans to BCP Council to expand its Chapel Gate Eco Park near Christchurch. The proposals would add AI-led materials recovery to pre-sort waste before the site's Energy Recovery Facility, processing an extra 25,000 tonnes of recyclable material a year.