Yvonne Bajela felt the time was right to start her own investment fund after over a decade of experience as a venture capitalist. Her previous roles included significant positions at LocalGlobe and Impact X Capital Partners, where she invested in now-prominent companies such as the fintech firm Wise, the insurance company Marshmellow, and the robotaxi service Mooves.
On Tuesday, she announced the successful closure of her inaugural fund, Evertrue, which garnered an impressive $17 million, surpassing its initial target.
“Having spent years supporting founders who fully commit to their visions, I realized it was time for me to pursue my own investment strategy,” she remarked. “I sought the freedom to act on my beliefs and develop a fund that aligns with my investment philosophy.”
Evertrue, having already invested in seven startups, aims to concentrate on early-stage investments throughout the U.K. and Europe. The average investment amount will be around £350,000, with a goal of supporting at least 20 companies over the next three years.
Bajela noted that the current surge in AI technology has reinforced her decision to launch her own fund. She pointed out that while it has transformed the dynamics of starting a company, it has also opened new avenues for early-stage investors. “The capacity to innovate is now more accessible,” she added. “However, creating something lasting remains a rare achievement.”
As highlighted in industry discussions, the U.K. startup ecosystem is currently flourishing. Areas like King’s Cross have emerged as leading AI centers, while startups such as Revolut, Synthesia, ElevenLabs, and the Bezos-supported CuspAI are setting new standards for growth and success in the U.K. market. According to Bajela, this environment presents a chance to invest in the next wave of exceptional British entrepreneurs early on. “I believe we will see globally significant businesses emerge from a broader variety of backgrounds,” she explained.
Nonetheless, this landscape poses challenges for new fund managers. In the U.S., the market is often described as imbalanced, with funding concentrated primarily among established firms and reputed leaders. The situation seems slightly more favorable for emerging managers in the U.K., as recent data indicates that they raised $7.4 billion by the end of September, surpassing the $6.2 billion raised throughout 2022.
However, Bajela described the fundraising process as difficult. The most challenging rejections were often not outright nos but those that followed extensive discussions and investment of time, only to result in a no. “Time is an invaluable resource for founders, and a drawn-out process without clear answers can be costly,” she stated.
Despite the hurdles, the fund secured support from five institutional investors, including the British Business Bank and Basecamp, which is the fund-of-funds for Phoenix Court that also houses LocalGlobe. Evertrue was a beneficiary of the £400 million British Business Bank’s Investor Pathways initiative, which allocated £90 million among ten first-time fund managers. Expected to raise around $13 million, the fund attracted considerable investor interest, prompting Bajela to limit the number of investors rather than expand the fund size.
“Determining fund size is a strategic choice, and not solely indicative of success,” she said. “I aimed to secure enough capital to make significant investments in my preferred companies without feeling pressured to deploy funds simply because they were available.”
Approximately 80% of Evertrue’s limited partners are based in the U.K., with the remainder coming from various regions including Europe, Asia, and the U.S. This diverse LP base reflects the connections she has cultivated over the years in various markets, emphasizing the fund’s global aspirations, especially considering that many U.K. entrepreneurs are targeting U.S. expansion; more than half of her portfolio is already active in the U.S.
Evertrue will primarily focus on investments in AI and fintech sectors. Bajela expressed particular interest in founders who have unique insights into problems, exceptional execution capabilities, and the drive to develop something significantly larger than their original concept.
“I also consider the challenges a founder has faced, how they’ve overcome them, and how those experiences have shaped their outlook,” she added.
Bajela’s career includes experience as a senior investment manager in Japan with Mitsui and an analyst role at Goldman Sachs. She emphasized that she has witnessed how ambition and talent are widely distributed across the globe.
“My goal for Evertrue is to become known for the caliber of the founders we support and the successful businesses they create.”
