Evertrue Capital closes $17m debut fund for pre-seed investing

A new European fund is keeping its focus on the first cheque.

What happened

Yvonne Bajela, formerly a partner at Phoenix Court, has closed a $17 million debut fund for Evertrue Capital. It will invest at pre-seed across the UK and Europe, backing AI and technology companies.

Backers include the British Business Bank, Phoenix Court's Basecamp, Better Society Capital, Bootstrap 4F and Allocator One. The fund expects to write typical cheques of around £350,000 and back at least 20 startups over three years.

Why it matters

For a company still building its first product, access to pre-seed funding can matter more than the size of later-stage rounds. Evertrue adds another investor seeking companies at that early point.

The bigger picture

A smaller fund can build a portfolio around smaller initial investments. Its eventual performance will depend on the companies it selects and supports, rather than whether the headline fund size matches larger managers.