UK-based venture capital firm Ada Ventures has raised £27m ($35.6m) from limited partners including law firm Wilson Sonsini Goodrich & Rosati for its first fund, TechCrunch has reported.
Founded in 2018, Ada Ventures focuses on seed and pre-series A rounds for UK-based technology companies with diverse founders and staff. It will provide £100,000 to £1m in initial investments and roughly half of the fund has been reserved for follow-on deals.
Government-owned British Business Bank’s Enterprise Capital Funds scheme put up more than 65% of the capital as anchor investor for the vehicle.
The fund’s other limited partners include VC firms Atomico and Inovia Capital, investment firm Blue Sky Capital, asset manager Rasmala and individual investors Arlan Hamilton, Taavet Hinrikus and Cilla Snowball.
