Yvonne Bajela has closed Evertrue's oversubscribed $17 million Fund I, according to TechCrunch. Bajela announced the close on Tuesday. The fund will focus on early-stage investing across the U.K. and Europe.
Bajela said the average check size will be around £350,000. She said Evertrue plans to back at least 20 companies over the next three years and has already backed seven. She said the fund will invest mainly in AI and fintech.
Bajela previously worked as a venture capitalist at LocalGlobe and Impact X Capital Partners. She said she wanted "the independence to act on those convictions and build something that reflected my own approach to investing."
Bajela said the fund raised from five institutional backers, including the British Business Bank and Basecamp, the fund-of-funds of Phoenix Court. She said Evertrue was part of the British Business Bank's Investor Pathways initiative. Bajela said the fund had aimed to raise about $13 million but chose not to take on additional investors. "Fund size is a strategic decision, not a measure of success in itself," she said.
According to Bajela, about 80% of Evertrue's limited partners are based in the U.K. The rest are spread across Europe, Asia and the U.S.