TLDR:
- Ascension VC secures £17m for tech for good fund
- The fund aims to reduce social inequalities by backing tech startups serving a mass market and low-income audience
London-based investor Ascension VC has secured £17m for the first close of its fund backing tech for good startups. The VC firm is targeting £50m in total for Ascension Fund III (AFIII) and expects to secure its second close in 2025. Ascension VC said it aims to reduce social inequalities by backing tech startups serving a mass market and low-income audience with AFIII. The first close of AFIII included funding from Big Society Capital, as well as Places for People, Esmee Fairbairn and several family offices and high net-worth angels. Ascension-backed startups include Wagestream, which provides early access to wages for essential workers. Another is Switchee, a platform to optimize the cost efficiency of energy in social housing and rented properties.
