Ada Ventures Research
Investment Thesis and Philosophy
Ada Ventures is a UK-based pre-seed venture capital fund that invests in exceptional founders based on their qualities and potential, rather than their educational background, past work experience, or demographic profile. Founded in 2018, Ada has developed a distinctive thesis around inclusive investing, believing that "the best founders don't only come from a handful of schools, a certain demographic or gender." The fund is named after Ada Lovelace, the pioneering mathematician, reflecting their commitment to backing underrepresented talent in technology.
The fund's core belief is that assessing founders on their qualities, grit, and ambition—rather than traditional VC signals—surfaces exceptional founders who have been overlooked by traditional venture capital. Ada partners with these founders to provide not just capital but comprehensive support including operational expertise, founder wellness support (including 40 hours of backup childcare), access to growth specialists, and talent partnerships.
Investment Focus Areas
Ada Ventures concentrates on three strategic focus areas:
Climate Equity - Technologies enabling a fair net-zero future, focusing on climate mitigation and just transition
Economic Empowerment - Inclusively transforming money, work, and skills through fintech, HR tech, skills development, and economic inclusion platforms
Healthy Ageing - Enabling healthier lives for longer, spanning healthcare digital, biotech, and longevity tech
Each company is categorized within one of these three themes, allowing Ada to develop deep expertise and network effects across sectors.
Investment Stage and Check Size
Ada Ventures is a pure pre-seed fund:
- Check size: £250,000 to £1,000,000 (approximately $300K-$1.2M USD)
- Typical investment: Pre-seed and Seed stage
- Pre-seed focus: Companies before clear product-market fit
- Lead investment: Ada leads >70% of investments they make
- Annual pace: Back 10-12 companies per year
The fund invests early, accepting higher risk in exchange for outsized equity positions in emerging companies.
Geographic and Market Focus
Geographic scope:
- Primary market: United Kingdom
- Secondary markets: Northern Europe with links to UK
- Portfolio spans across Europe
The fund has offices in London (Notting Hill) and Bristol, positioning them to engage with founders across the UK.
Team and Leadership
Founding Partners:
- Check Warner - Founding Partner, active investor and writer on inclusive tech
- Matt Penneycard - Founding Partner, leads investment strategy
Investment Team:
- Michael Tefula - Principal & Head of Product, guides investment theses
Support Functions:
- Xun Ning Choong - Head of Operations & Impact
- Emma Richards - Head of Finance
- Diarra Smith - Head of Portfolio & Brand
Venture Partners: Specialists in AI (Dorothy Chou from DeepMind), Healthcare (Alasdair Thong), Community (Jasmin Thomas), and Talent (Ben Norton)
Steering Group: Includes Charles Hudson (Precursor Ventures), Ed Zimmerman (Lowenstein Sandler), Marta Sjögren (Northzone), and Michelle Ashworth (Church Commissioners)
Recent Activity and Fund Status
Ada Ventures has been actively deploying capital:
- Total investments: 104 companies backed
- 2025 activity: 11 new Fund II investments
- Latest investment: December 1, 2025 (ESX Technology Solutions)
- Recent notable investment: Jack & Jill (October 15, 2025, Seed stage)
- Recent innovation: Launched "Deck Genius," an AI-powered pitch deck analysis tool (November 2025)
The fund is actively deploying from both Fund I and Fund II with strong deal velocity and a disciplined annual pace of 10-12 new investments.
Portfolio Scale and Diversity
With 104 investments across three strategic focus areas, Ada's portfolio spans approximately 49+ distinct companies (from Python service analysis). The portfolio demonstrates strong diversification across:
- Founding demographics: Female, underrepresented minorities, and career-switcher founders
- Geographic distribution: UK and Northern Europe
- Sector distribution: Climate, Economic Empowerment, and Healthy Ageing themes
- Stage distribution: Pre-seed and Seed investments
Value-Add Beyond Capital
Ada distinguishes itself through comprehensive founder support:
- Backup childcare support (40 hours annually)
- Founder welfare and mental health support
- Growth specialists paired with each founder for go-to-market support
- Talent network for team building
- Scout network for deal sourcing (community-led investing)
- Industry research and insights sharing
This support model reflects Ada's belief that exceptional founders need investment not just in their companies but in themselves as humans.
