London-based investor Ascension VC has secured £17m within the first shut of its tech to again funding for good startups.
The enterprise capital agency is focusing on a complete of £50m for Ascension Fund III (AFIII) and expects to safe its second shut in 2025.
Ascension VC mentioned it goals to cut back social inequalities by supporting tech startups that serve a mass market and low-income viewers with AFIII.
“Our fund is devoted to figuring out commercially astute, mission-driven founders who’re on the forefront of key expertise developments, able to delivering enticing venture-style returns whereas lowering social inequality,” mentioned the managing associate of Ascension, Jean de Fougerolles.
AFIII's first shut included funding from Huge Society Capital in addition to Locations for Folks, Esmee Fairbairn and a number of other household workplaces and excessive internet price angels.
Ascension associate Emma Steele mentioned the fund “is on the intersection of main expertise developments”, together with AI, digital well being, the way forward for work, fintech and vitality.
Ascension-backed startups embody Wagestream, which offers early entry to wages for important staff. One other is Switchee, a platform for optimizing vitality price effectivity in social housing and rented properties.
“The price of residing disaster is hitting essentially the most weak in our society hardest, and there’s a substantial position that Tech4Good companies can play in redressing a few of these inequalities, each by mitigating their impression and by addressing their root causes.” mentioned Huge Society Capital. chief funding officer Gabriel Ng.