Ex-VC Launches $17M Fund for UK/Europe Early-Stage Bets

Yvonne Bajela, formerly of LocalGlobe and Impact X Capital Partners, has launched her own venture capital firm, Evertrue. The fund officially closed its Fund I, securing oversubscribed capital totaling $17 million. Bajela stated her desire for independence to act on investment convictions and build something reflecting her approach.

Evertrue will concentrate on early-stage investments within the U.K. and Europe, with an average investment of £350,000. The firm intends to support at least 20 companies over the next three years. Bajela noted that the current AI boom influenced her decision to launch, democratizing building capabilities while highlighting the rarity of enduring creations.

The U.K.'s startup ecosystem is thriving, with hubs like King's Cross gaining prominence. Bajela sees this as an opportune moment to invest in emerging British talent. Despite a challenging market for new fund managers, PitchBook data indicates emerging managers in the U.K. have raised significant capital, surpassing previous years.

Fundraising presented challenges, with prolonged processes and eventual rejections proving difficult. Evertrue secured five institutional backers, including the British Business Bank and Basecamp. The fund's size was strategically capped at $17 million to ensure meaningful investment in high-conviction opportunities without undue deployment pressure.

Approximately 80% of Evertrue's limited partners are based in the U.K., with the remainder distributed globally, reflecting Bajela's extensive network and the fund's international ambitions. Many U.K. founders target U.S. expansion, and over half of Evertrue's current portfolio companies already operate in the U.S.

Evertrue's investment thesis centers on AI and fintech. Bajela is particularly interested in founders possessing unique insights, exceptional execution skills, and ambitions for significant growth. She also values a founder's background and resilience in shaping their perspective.