Ascension VC Introduces €19.8M Institutional Impact Fund for Tech4Good Startups
- Funding Announcement: Ascension VC announced a €19.8 million first close of its new institutional impact fund.
- The fund aims to reach £50 million (approximately €58.36 million) with a second close scheduled for 2025.
- Fund Focus: Ascension Fund III (AFIII) focuses on reducing social inequalities through technology for a mass market and low-income audience.
- Investor Mix: The first close of AFIII attracted both existing and new investors, including Big Society Capital, Places for People, Esmee Fairbairn, Family Offices, and HNW individuals.
- Ascension-backed founders, such as Wagestream and Percent, also participated in the funding.
- Past Success and Experience: Ascension brings experience in identifying and supporting Tech4Good businesses, showcasing significant returns from impactful investments.
- Previous successes include the early acquisitions of Credit Kudos by Apple and Guardian Angel by Octopus Wealth.
- Fund Philosophy: According to Jean de Fougerolles, Ascension's Managing Partner, AFIII believes in utilizing technology for positive change and seeks mission-driven founders capable of delivering venture-style returns while addressing social inequalities.
- Tech Trends and Impact: Emma Steele, Partner at Ascension, highlights AFIII's focus on major tech trends like AI/ML, digital health, future of work, fintech, energy decentralization, and decarbonization, aiming for venture-level returns with deep social impact.
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