Ada Ventures raises £27m to invest in diversity-driven tech start-ups

Ada Ventures raises £27m to invest in diversity-driven tech start-ups

Ada Ventures, the diversity-driven venture capital fund, has raised £27m to invest in overlooked entrepreneurs building companies which focus on under-served customers.

The fund plans to make 30 investments in tech businesses addressing global problems affecting specific demographics such as women or ageing populations or teenagers.

Key sectors are healthcare, consumer and the future of work.

Typically, Ada Ventures will look to invest £500,000 in seed funding following the launch of a business.

Two-thirds of the money for the new fund is coming from British Business Bank with other investors including Atomico and Taavet Hinrikus, founder of TransferWise.

The fund has already made seven investments in startups including Polipop, the world’s first flushable sanitary pad; IVF medtech company Juno Bio; and road traffic incident risk-monitoring technology Predina.

Roughly half the £27m fund will be reserved for follow-on investments.

The fund has been founded by experienced early stage investors Francesca Warner and Matt Penneycard, who hope the fund will address the lack of diversity and geographical reach of most venture capital.

To find out more go to: https://www.growthbusiness.co.uk/ada-ventures-raises-27m-to-invest-in-diversity-driven-tech-start-ups-2557112/