Ada Ventures Raises €32M to Support 30 Overlooked Startup Founders in the UK and Europe

There’s a fact in the business world that we are reluctant to see — being in one of the minority groups might be a hindrance to developing a professional career, data tells.

According to a recent study conducted by McKinsey, only 21% of c-level management roles are taken up by women. The World Bank‘s survey also reveals that women, regardless of their locations, are more unlikely to own a business compared to men. Meanwhile, Atomico’s study shows that over 90% of funding goes to male founding teams, while more than 80% of startup founders are white.

It seems that the movement for workplace equality is sluggish, albeit getting more attention from the public.

Supporting the unseen talents

UK-based investors Francesca Warner and Matt Penneycard attempt to solve this problem by co-founding Ada Ventures, an early-stage fund that helps the overlooked but promising entrepreneurs. They have announced at Disrupt Berlin that the fund has raised 34 million USD (~32 million EUR) from Atomico, Arlan Hamilton of Backstage Capital, BlueSky Capital as well as the founders of TransferWise and Supercell. They have also gotten the British Business Bank on board, which will contribute two-thirds of the total fund as a cornerstone investment through its Enterprise Capital Funds program.

The fund will support 30 overlooked startup founders in the consumer and healthcare sectors. To date, the fund has invested in 7 startups, including Predina, Inoviv, Motley, Ferly, Huboo, Polipop and Juno Bio. “We are looking for companies that are truly globally scalable, that can reach a billion of people, solving some of society’s biggest challenges,” Warner tells StartupTV.

“Fundamentally, Ada Ventures is about true inclusion, and we will invest in anyone, no matter what they look like and where they come from. We are incredibly proud to have such an experienced and supportive group of investors partnering with us to make Ada Ventures the most inclusive fund in Europe,” says Warner.

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Keith Wong
Keith Wong
Dots connector. Gourmet lover. Communication Manager at StartupTV. Contact me if you want to know more about us: kw@startuptv.io

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