The Evertrue Capital debut fund closed at an oversubscribed €15 million ($17 million) on Tuesday, securing anchor backing from the British Business Bank to finance early-stage artificial intelligence and fintech startups across the UK and Europe. Founded by former Phoenix Court partner Yvonne Bajela, the vehicle will back at least 20 pre-seed startups.
Key points
- Yvonne Bajela raised $17 million for the Evertrue Capital debut fund after initially targeting $13 million.
- The British Business Bank backed the vehicle through its £400 million Investor Pathways initiative alongside Phoenix Court fund-of-funds Basecamp.
- Evertrue plans to write cheques averaging £350,000 for at least 20 pre-seed startups over the next three years.
- The firm has already deployed capital into seven companies, including automotive AI developer Revion and data infrastructure business Poindexter Labs.
A focused pool for early AI bets
Founded by veteran investor Yvonne Bajela, Evertrue Capital plans to lead and co-invest in pre-seed rounds across Europe. The fund will write cheques typically ranging from £250,000 to £500,000, settling at an average of roughly £350,000 per deal.
Bajela said the ongoing artificial intelligence boom altered the economics of company creation, lowering the capital required to launch software while raising the bar for durable businesses. The vehicle will deploy its capital into at least 20 startups over the next three years, focusing on teams developing AI software, data infrastructure and financial technology.
“The ability to build has been democratized,” she said. “But the ability to build something enduring remains rare.”
The close comes as European early-stage investors narrow their scope to capture technical talent before broader market consensus forms. Continental seed activity has held firm even as late-stage mega-rounds slowed down, mirroring moves such as when Entourage closed its second fund at €100m for AI and deeptech to finance European engineering teams.
Bajela decided to cap Fund I at $17 million despite investor demand that exceeded the firm’s original $13 million target. Turning down extra capital allowed her to preserve ownership discipline and avoid the pressure of deploying an oversized pool in early funding rounds.
Institutional support and LP distribution
The British Business Bank supplied anchor capital through its £400 million Investor Pathways initiative. That programme allocated £90 million across 10 first-time fund managers to expand the range of decision-makers in British venture capital.
Phoenix Court supported the vehicle through Basecamp, its dedicated fund-of-funds strategy. Other institutional backers in the close include Better Society Capital, Bootstrap 4F and Allocator One, joined by several private venture partners and startup founders.
Roughly 80% of the limited partners in the fund reside in the UK. The remainder comes from institutions and family offices across the European Union, the United States and Asia, reflecting Bajela’s cross-border career as an investor.
Cross-border support mirrors a wider push across European markets to finance frontier technologies and protect specialised software from valuation swings, a trend seen when Auriga Cyber Ventures II secured an €80m interim close to back technical founders.
Portfolio construction and early deals
Evertrue has already backed seven startups from the vehicle prior to its final close. Its early investments include Revion, which develops artificial intelligence tools for the automotive sector, and Poindexter Labs, a startup building data and infrastructure systems for modern machine learning workflows.
The portfolio also includes Zuba, an early-stage fintech company. More than half of Evertrue’s initial seven portfolio companies already run operational offices or customer pipelines in the United States, reflecting how quickly European AI founders pursue transatlantic expansion.
Early deployment matches broader activity across the region, where specialized applications continue to secure early checks, much like when AI career agent startup Roleo raised €2.9m to finance European team expansion.
Bajela noted that her investment criteria focus on technical operators with lived domain expertise. She looks for founders tackling structural problems before the wider investment market establishes proof points.
The fundraising climate for emerging managers
Raising capital as a solo general partner remains difficult in a venture market where institutional investors frequently direct allocations toward established multi-stage firms. European limited partners have exercised caution after interest rate rises curtailed exits and distributions.
In the United States, market analysts describe a barbell fundraising environment where capital concentrates almost entirely in mega-funds and proven brand-name managers. Emerging managers in Europe have faced similar scrutiny, extending diligence timelines and slowing commitments.
Data compiled by PitchBook shows the UK market proving comparatively resilient for newer venture firms. Emerging managers based in the region secured $7.4 billion through the end of September 2026, exceeding the $6.2 billion collected during all of 2025.
Bajela spent months negotiating with potential allocators before finalising the syndicate. She said the most demanding rejections were prolonged conversations that consumed founder time without yielding firm decisions.
Background across European venture
Bajela built her venture track record over more than a decade in international finance. She began her career as an analyst at Goldman Sachs before relocating to Tokyo as a senior investment manager at Japanese trading house Mitsui.
During her tenure at Mitsui, Bajela took part in an early bet on British cross-border payments company Wise, which later floated on the London Stock Exchange. She subsequently joined London firm Impact X Capital Partners, where she led the seed investment in digital motor insurance provider Marshmallow.
Her most recent role before founding Evertrue was as a partner at Phoenix Court, the investment parent of early-stage brand LocalGlobe. There she worked alongside founders scaling software companies across the UK and continental ecosystems.
Evertrue Capital will now deploy its remaining dry powder over the next 36 months, targeting lead positions in European software and machine learning rounds.
