Evertrue Capital closes an oversubscribed $17M debut fund for early-stage AI and fintech

Evertrue Capital, the London-based firm founded by Yvonne Bajela, has closed its first fund at $17M, above the roughly $13M it set out to raise. Bajela turned down additional investors rather than grow the fund.

The fund will invest mainly in AI and fintech at the earliest stages across the UK and Europe, with an average cheque of around £350K and at least 20 investments planned over the next three years. Seven companies are already in the portfolio, and more than half of them operate in the US.

Evertrue has five institutional LPs, including the British Business Bank and Basecamp, the fund of funds of Phoenix Court, the group that also houses LocalGlobe. Evertrue was one of the ten first-time managers backed through the British Business Bank's £400M Investor Pathways initiative. About 80% of LPs are UK-based, with the rest in Europe, Asia and the US.

Bajela previously invested at LocalGlobe and Impact X Capital Partners, where her bets included Wise and Marshmallow, and started her career at Goldman Sachs.