TLDR:
- Ascension VC has launched a €19.8M institutional impact fund for Tech4Good startups.
- The fund aims to reduce social inequalities by leveraging technology to serve a mass market and low-income audience.
Ascension VC has announced the first close of its new institutional impact fund, Ascension Fund III (AFIII), with €19.8 million. The fund, which plans to raise a total of £50 million (approx €58.36 million) by 2025, is focused on backing talented founders who are using technology to build more resilient societies. AFIII aims to reduce social inequalities by allowing tech to serve a mass market and low-income audience.
The first close of AFIII is supported by a mix of existing and new investors, including anchor Big Society Capital, Housing Association Places for People, Esmee Fairbairn, Family Offices, HNW individuals, and Ascension-backed founders like Wagestream and Percent. AFIII aims to build on Ascension VC’s experience in identifying and backing leading Tech4Good businesses, with a focus on key tech trends like AI/ML, digital health, future of work, fintech, energy decentralization, and decarbonization.
According to Ascension’s Managing Partner, Jean de Fougerolles, the fund is dedicated to identifying mission-driven founders capable of delivering attractive venture-style returns while reducing social inequalities. Emma Steele, a Partner at Ascension, highlighted the fund’s ambition to achieve venture-level returns while producing deep social impact, calling their target founders “impact dragons.” Anchor investor Big Society Capital expressed excitement in backing AFIII, noting the role that Tech4Good ventures can play in addressing social inequalities.
Overall, Ascension VC’s launch of the €19.8M institutional impact fund for Tech4Good startups reflects a commitment to combining entrepreneurship with social impact to create a more equitable and resilient society.
