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Ascension VC, a London-based early-stage VC fund, closes its first institutional impact fund aimed at supporting visionary founders leveraging technology to build a more resilient society It has been announced that the company has secured funding of 17 million pounds (approximately 19.84 million euros).
The total target amount for the fund is £50 million (approximately €58.36 million), with a second close scheduled for 2025.
“At AFIII, we believe in the power of technology to drive positive change,” said Jean de Fougerolles, Managing Partner at Ascension.
“Our fund identifies commercially smart, mission-driven founders who are at the forefront of key technology trends and can deliver attractive venture-style returns while reducing social inequality. I’m dedicated to doing that.”
Overview of Ascension Fund III
Ascension Fund III, led by Jean de Fougerolles and Emma Steele, identifies and supports Tech4Good businesses. It aims to address social inequality by leveraging technology to reach a wider audience, including low-income people.
AFIII claims to have made profitable investments over the past five years, particularly through Apple’s initial acquisitions of Credit Kudos and Octopus Wealth’s Guardian Angel.
Emma Steele said: “What’s so exciting about this fund is that it sits at the intersection of key technology trends such as AI/ML, digital health, the future of work, fintech, and energy decentralization and decarbonisation. “It is reinforcing the fund’s ambition to deliver on ventures.” level of benefit while having a deep impact on society. Looking for Impact Dragon! (aka fund returner).
AFIII claims to have forged a unique partnership with Bulbshare, a platform that marries technology and human insights. This helps ensure that Lived Experience is informed and relevant to your target audience on every investment.
Investors supporting Ascension VC
AFIII’s first transaction is backed by a combination of existing and new investors, including anchor Big Society Capital.
Other investors include housing association Place for People, Esmee Fairbairn, several family offices and high net worth individuals. Additionally, Ascension-backed founders such as Wagestream and Percent are also participating in the fund.
“We are excited to support Ascension Fund III and their ‘Impact Dragon’ investments,” said Gabriel Ng, investment director at major investment firm Big Society Capital.
“The cost of living crisis is hitting the most vulnerable in our society hardest, and by mitigating its impact and addressing the root causes, we can help redress some of these inequalities. There is an important role that Tech4Good ventures can play.”
“We have seen Ascension-backed companies do just that with the Fair by Design Fund, tackling the poverty premium and generating exceptional financial performance as a result. Ascension Backed by our venture-building, impact management, and measurement skills, we look forward to seeing new ventures emerge that demonstrate that impact is a source of value.”
Supporting next generation technology and influential founders
Ascension supports impactful startups that address social challenges. Their newest fund, AFIII, supports innovation for both venture profit and social impact, with a focus on improving economic opportunity, financial inclusion, and health.
Ascension’s Fair by Design Fund has seen rapid growth among companies such as Wagestream, Tembo, Plend (focused on building financial resilience), and Switchee (focused on reducing fuel poverty).
Meanwhile, from Ascension’s Good Food Foundation, Urban Legend and Better Nature are tackling obesity. Additionally, Ascension has worked with Nationwide Incubator, Weyra Accelerator, Aviva Foundation, and Barrow’s Cadbury Trust to expand the portfolio’s impact and commercial reach.
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