TLDR:
– London-based VC Ascension closes first round of new Tech4Good pre-seed fund at €19.8 million
– Fund aims to reduce social inequalities by investing in tech for mass market and low-income audience
Ascension VC, a leading early-stage venture capital fund, has announced a €19.8 million first close of its new institutional impact fund focused on backing talented founders leveraging technology to build more resilient societies. The fund, Ascension Fund III (“AFIII”), aims to reduce social inequalities by allowing tech to serve a mass market and low-income audience. The first close is backed by a mix of existing and new investors, including anchor Big Society Capital, Housing Association Places for People, and Esmee Fairbairn. The fund is led by Managing Partner Jean de Fougerolles and Partner Emma Steele, who bring together a wealth of experience in identifying and backing Tech4Good businesses.
AFIII has a unique focus on major tech trends such as AI/ML, digital health, fintech, and energy decentralisation & decarbonisation, aiming to achieve venture-level returns while producing deep social impact. With investments from anchor investor Big Society Capital, AFIII is on the hunt for impact dragons – fund returners that have a significant impact on society. The fund is also supported by collaborations with organizations like Nationwide Incubator, Wayra Accelerator, Aviva Foundation, and Barrow Cadbury Trust to increase the impact and commercial reach of its portfolio.
Ascension’s track record includes investments in impactful businesses such as Wagestream, Tembo, and Switchee, which are making strides in reducing fuel poverty and building financial resilience. The fund is also committed to ensuring that every investment is informed by Lived Experience, collaborating with Bulbshare, a platform where technology meets human insight.
