Evertrue Capital Launches $17m Pre-Seed Fund Backed by the British Business Bank
Former Phoenix Court partner Yvonne Bajela has closed Evertrue Capital's $17m debut fund, announced on 3 November 2026, to back at least 20 UK and European AI and fintech startups at pre-seed with cheques of around £350,000. The British Business Bank is one of its backers.
By Entrepreneur Group · Published
A new London venture fund is writing pre-seed cheques for UK and European startups. Evertrue Capital, founded by former Phoenix Court partner Yvonne Bajela, announced on 3 November 2026 that it has closed an oversubscribed $17m debut fund, according to TechCrunch. It plans to back at least 20 companies over the next three years, with typical cheques of around £350,000, mainly in AI and fintech.
The British Business Bank is one of the fund's backers, through its Investor Pathways Capital programme for first-time fund managers.
The fund at a glance
TechCrunch and Tech.eu report the following details:
- Size: $17m, above an original target of about $13m. TechCrunch reports that Bajela turned away extra investors rather than make the fund bigger.
- Stage: pre-seed, with the fund both leading and co-investing.
- Cheque size: typically around £350,000.
- Sectors: mainly AI and fintech.
- Geography: the UK and Europe.
- Portfolio so far: seven companies. Tech.eu names Revion, an AI company for the automotive sector, Poindexter Labs, an AI data and infrastructure firm, and Zuba, a fintech.
- Target: at least 20 startups over three years.
Tech.eu lists the fund's backers as Phoenix Court's fund of funds Basecamp, the British Business Bank, Better Society Capital, Bootstrap 4F and Allocator One, plus founders, operators and other investors. TechCrunch reports that about 80% of the fund's investors are UK-based.
Bajela was previously a partner at Phoenix Court. TechCrunch reports she also worked at LocalGlobe, Impact X Capital Partners, Mitsui and Goldman Sachs, and that her past investments include Wise and Marshmallow. "The best moment to invest is before the market has proof," she told Tech.eu.
The British Business Bank connection
Evertrue was one of 10 first-time managers to receive backing in June 2026 from the first £90m allocation of Investor Pathways Capital, a £400m British Business Bank programme. The microfunds strand of the programme received 151 applications, according to IT Brief.
The British Business Bank says the microfunds strand supports first-time fund managers from underrepresented backgrounds raising UK-domiciled venture funds of £5m to £20m, with the Bank acting as a cornerstone investor. It targets at least 50% of its investment at female fund managers. Companies looking for finance cannot apply to the programme directly; they need to approach the funds it backs.
TechCrunch, citing PitchBook data, reports that UK emerging fund managers raised $7.4bn in the first nine months of 2026, already more than the $6.2bn raised in all of 2025.
What it means for founders
This section is editorial guidance. A new pre-seed fund adds another option for UK founders who are raising their first institutional money, particularly in AI and fintech. Before you approach any fund:
- Check the fit. Make sure your stage, sector and the amount you are raising match what the fund says it invests in.
- Look at the portfolio. A fund's existing companies show what it backs and can reveal conflicts with your business.
- Ask how they work. Find out whether the fund leads rounds or co-invests, and what support it offers after investing.
- Do your own checks. Speak to founders the fund has already backed before you sign a term sheet.
Frequently asked questions
What is Evertrue Capital?
Evertrue Capital is a London-based pre-seed venture fund founded by Yvonne Bajela. It closed a $17m debut fund in November 2026 to invest in AI and fintech startups in the UK and Europe.
How much does Evertrue Capital invest?
TechCrunch and Tech.eu report a typical cheque of around £350,000 at pre-seed, with plans to back at least 20 companies over three years.
Can startups apply to the British Business Bank's Investor Pathways Capital programme?
No. The programme backs first-time fund managers, and the British Business Bank says companies seeking finance cannot apply. Startups need to approach the funds it supports, such as Evertrue Capital.
Sources
- TechCrunch: Yvonne Bajela is bringing $17M in fresh capital to Europe's startup scene (3 November 2026) (reviewed 5 November 2026)
- Tech.eu: Ex-Phoenix Court partner launches $17M debut solo fund (3 November 2026) (reviewed 5 November 2026)
- IT Brief UK: British Business Bank backs 10 first-time venture funds (26 June 2026) (reviewed 5 November 2026)
- British Business Bank: Investor Pathways Capital initiative opens microfund applications (reviewed 5 November 2026)