Yvonne Bajela Launches Evertrue: A New Chapter in Venture Capital
In a significant move for the venture capital landscape, Yvonne Bajela has officially launched her own fund, Evertrue, after over a decade of experience in the industry. This foundational moment comes on the heels of her previous roles at LocalGlobe and Impact X Capital Partners, where she made pivotal investments in now-thriving companies such as the fintech giant Wise, insurance innovator Marshmellow, and robotaxi startup Mooves.
Successful Fund Closure
On Tuesday, Bajela celebrated the successful closure of Evertrue’s first fund, raising an impressive $17 million, which exceeded initial expectations. “After more than a decade backing founders who bet everything on their ideas, it felt like time to make a bet of my own,” she remarked. “I wanted the independence to act on those convictions and build something that reflected my own approach to investing.”
Focus on Early-Stage Investments
Evertrue is set to concentrate on early-stage investments predominantly in the U.K. and Europe, with the intention of supporting at least 20 startups over the next three years. The average check will hover around £350,000. So far, the firm has already invested in seven companies and is eager to discover more promising talent.
Tapping into the AI Boom
Bajela attributes her decision to launch Evertrue partly to the current surge in artificial intelligence (AI). “The ability to build has been democratized,” she stated, “But the ability to build something enduring remains rare.” This sentiment reflects the changing dynamics of the startup ecosystem, which is rapidly transforming amidst the AI boom.
The UK Startup Scene Flourishes
The U.K. startup landscape is flourishing, positioning cities like King’s Cross as key AI hubs. Companies such as Revolut, Synthesia, and ElevenLabs are redefining success metrics on their way to scale. Bajela sees this as a prime opportunity to invest early in the next wave of standout British companies, expressing optimism about global businesses emerging from diverse beginnings.
Challenges for Emerging Fund Managers
However, the path to fundraising has not been without hurdles. In the U.S., emerging fund managers face a challenging landscape dominated by established firms with proven success records. Nonetheless, the U.K. seems to present a slightly brighter picture, as PitchBook reports that emerging fund managers raised $7.4 billion as of September, surpassing the total raised in all of 2022.
Facing Fundraising Challenges
Bajela shared her experiences with the arduous fundraising process. The most difficult rejections, she noted, were not the outright no’s, but rather the drawn-out responses after investing significant time and effort into conversations. “Time is one of the most valuable resources a founder has,” she emphasized, illustrating the impact of an unclear extended process.
Building a Diverse LP Base
Evertrue secured backing from five institutional investors, including the British Business Bank and Basecamp, which is a fund-of-funds associated with investment firm Phoenix Court. Bajela also highlighted Evertrue’s participation in the British Business Bank’s £400 million Investor Pathways initiative, which aims to support first-time fund managers. Although initially targeting a $13 million raise, the wave of investor interest led Bajela to cap her fund, underscoring her strategic approach to capital.
A Global Ambition
About 80% of Evertrue’s limited partners are based in the U.K., with the remainder spread across Europe, Asia, and the U.S. Bajela’s diverse LP base reflects the relationships she cultivated throughout her career and her ambition for global investments, particularly as many U.K. founders eye U.S. expansion. Notably, more than half of Evertrue’s current portfolio already includes companies active in the U.S. marketplace.
Investment Focus and Vision
Evertrue will primarily invest in AI and fintech sectors. Bajela emphasized her enthusiasm for founders who possess unique insights into problems, exceptional execution abilities, and grand ambitions that extend beyond their initial products. Moreover, she considers the entrepreneurial journey of a founder, focusing on their experiences and the challenges they’ve overcome as part of her evaluation process.
Conclusion: A New Era for Evertrue
With her extensive background, including a stint as a senior investment manager in Japan and a foundation at Goldman Sachs, Bajela brings a wealth of experience to Evertrue. She recognizes the incredible potential of talent spread around the globe, aiming for her fund to be synonymous with securing high-quality founders and the exceptional businesses they create. As the startup ecosystem evolves, Evertrue is poised to play a pivotal role in shaping its future.
