Ada Ventures seals hard cap-busting $50m debut fund close to back overlooked founders

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Ada Ventures, the VC firm launched last year to profit from overlooked founders and impact deals, has scored an above-hard-cap $50m final close for its debut fund.

The London-based firm says it will focus on European investments regardless of the gender or racial background of founders, aiming to support creators using tech to solve the world’s biggest challenges.

The $50m final close fo Ada Ventures I is above even the firm’s initial $35m hard cap, despite the first-time vehicle being raised entirely remotely during the Covid-19 pandemic.

Ada said the fund will be used to invest in businesses post-product, but pre-revenue, through pre-Series A rounds needing initial cheques of £250,000 to £500,000.

The firm invested in nine businesses pre-fund while raising capital for the vehicle, and has made a string of investments through Fund I already this year, including babysitter business Bubble, worker rights platform Organise and clinical trials efficiency startup RGrid.

Ada was founded by Check Warner, a marketing expert before her pivot to venture capital, and experienced VC Matt Penneycard, who has previously worked for Hermes, Octopus, Pace Equity, Downing and Seraphim Capital.

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