After more than a decade navigating the intricate world of venture capital, Yvonne Bajela has officially unveiled her own investment vehicle, Evertrue, announcing the successful, oversubscribed close of its debut Fund I at $17 million. This significant milestone marks a pivotal moment for Bajela, who has built a formidable reputation in the VC ecosystem, having previously made impactful bets on now-unicorn companies such as the global fintech giant Wise, the innovative insurance firm Marshmellow, and the cutting-edge robotaxi developer Mooves during her tenures at LocalGlobe and Impact X Capital Partners. The launch of Evertrue signals her commitment to independent decision-making and a distinct investment philosophy, poised to capitalize on the dynamic early-stage tech landscape across the United Kingdom and Europe.
Bajela’s decision to launch her own fund stemmed from a profound realization that after years of championing founders who staked everything on their visions, it was time to make a personal bet on her own convictions. "After more than a decade backing founders who bet everything on their ideas, it felt like time to make a bet of my own," Bajela articulated, emphasizing her desire for the autonomy to act on these convictions and to construct an investment vehicle that genuinely mirrored her unique approach. This independence, she notes, is crucial for fostering a portfolio that resonates deeply with her strategic insights and long-term vision.
The genesis of Evertrue aligns strategically with a period of profound transformation within the global technology sector, particularly the ongoing artificial intelligence boom. Bajela openly acknowledges that this transformative wave played a significant role in solidifying her belief that now was the opportune moment to establish her fund. The AI revolution, she observes, has not only recalibrated the economic dynamics of launching a startup but has also concurrently forged unprecedented opportunities for early-stage investors. "The ability to build has been democratized," she noted, highlighting the lowered barriers to entry for new ventures. However, she quickly added a crucial caveat: "But the ability to build something enduring remains rare." This distinction underscores Evertrue’s focus on identifying and nurturing companies with not just innovative ideas, but also the potential for sustainable, long-term impact.
A Decade of Insight: From Analyst to Fund Manager
Yvonne Bajela’s journey to becoming an emerging fund manager is marked by a diverse and distinguished career spanning over a decade. Her professional trajectory began at Goldman Sachs, where she honed her analytical skills as an analyst, laying a robust foundation in financial markets. Her international experience further broadened as a senior investment manager at Mitsui in Japan, exposing her to diverse market dynamics and investment strategies across continents. This extensive background, encompassing both established financial institutions and a prominent role within the venture capital world at LocalGlobe and Impact X Capital Partners, has endowed her with a comprehensive understanding of the global tech ecosystem.
Throughout her career, Bajela has consistently observed how "widely distributed ambition and talent are." This insight is not merely an anecdotal observation but a guiding principle for Evertrue’s investment strategy, driving her to seek out promising founders from a broad spectrum of backgrounds and geographies within the UK and Europe. Her firsthand experience with successful ventures like Wise, a fintech innovator that redefined international money transfers, Marshmellow, an insurance disruptor, and Mooves, a pioneer in autonomous vehicle technology, further cemented her belief in the transformative power of early-stage capital and strategic guidance. These prior successes demonstrate her keen eye for disruptive potential and her ability to identify companies poised for exponential growth, validating her expertise as she embarks on this new chapter with Evertrue.
Navigating the Vibrant UK and European Startup Ecosystem
Evertrue’s primary investment focus will be on early-stage companies across the UK and Europe, with an average check size anticipated to be around £350,000. Bajela plans to back at least 20 companies over the next three years, concentrating primarily on the burgeoning sectors of artificial intelligence and fintech. This strategic geographic and sectorial focus positions Evertrue to tap into some of the most dynamic and rapidly evolving segments of the European tech market.
The UK’s startup scene, in particular, is experiencing an unprecedented surge, often described as "having a moment." This vibrancy is underpinned by several factors, including a robust talent pool, supportive government initiatives, and a growing network of accelerators and incubators. Cities like London, with its prominent tech hubs such as King’s Cross, have cemented their status as global epicenters for AI innovation. King’s Cross, once known for its historical significance, has transformed into one of the world’s top AI hubs, attracting leading tech companies and fostering a fertile environment for cutting-edge research and development. This transformation is mirrored across the UK and wider Europe, where companies like Revolut have revolutionized digital banking, Synthesia and ElevenLabs are pushing the boundaries of AI-driven content creation, and the Bezos-backed CuspAI is exploring new frontiers in AI drug discovery.
According to recent reports, venture capital investment in the UK and Europe has shown remarkable resilience and growth. In 2023, the UK alone attracted over $20 billion in VC funding, maintaining its position as a leading tech investment destination outside the US. Europe as a whole has witnessed a consistent increase in deal activity and capital deployed, with particular strength in sectors like fintech and AI. For instance, European fintech companies raised over $15 billion in 2023, while AI startups attracted over $10 billion, signaling strong investor confidence in these areas. This fertile ground provides a significant opportunity for early-stage investors like Bajela to identify and secure stakes in the next generation of globally significant British and European talent. "I think more globally significant businesses will emerge from a wider range of starting points," Bajela stated, underscoring her belief in the dispersed nature of innovation and her intention to seek out talent beyond conventional hubs.
The Challenging Landscape for Emerging Fund Managers
Despite the buoyant market conditions in certain sectors and regions, the fundraising environment for emerging fund managers remains intensely competitive. In the United States, the market has been characterized as a "barbell market," where capital tends to concentrate overwhelmingly at the extremes: either with established, large-scale funds boasting long, proven track records, or with highly specialized, niche funds led by seasoned individuals. This often leaves nascent funds struggling to secure commitments from institutional investors who prefer de-risked options.
While the US market presents significant hurdles, the landscape for emerging fund managers in the UK appears to be slightly more encouraging. PitchBook data, through the end of September, revealed that emerging fund managers in the UK raised a substantial $7.4 billion, already surpassing the $6.2 billion they managed to raise throughout the entirety of 2025. This positive trend suggests a growing appetite among limited partners (LPs) in the UK to back new and diverse fund managers, recognizing the potential for outsized returns and the strategic importance of nurturing new investment talent.
Nonetheless, Bajela candidly admitted that the fundraising process for Evertrue was a "grind." The most challenging rejections, she recounted, were not the immediate "no’s," but rather "the ones that came after months of conversations and significant time invested, only for the answer to ultimately be no." This prolonged uncertainty carries a substantial cost for emerging fund managers, as "time is one of the most valuable resources a founder has, and a prolonged process without clarity has a real cost." This insight highlights the emotional and strategic toll of extended fundraising cycles, particularly for those building a fund from the ground up. The capital-raising journey for a first-time fund is inherently arduous, requiring not only a compelling investment thesis but also immense perseverance, robust networks, and an unwavering belief in one’s vision.
Strategic Fund Size and Institutional Backing
Despite the inherent difficulties, Evertrue successfully secured commitments from five institutional backers, a testament to Bajela’s track record and the strength of her vision. These key investors include the British Business Bank and Basecamp, the fund-of-funds arm of the influential investment firm Phoenix Court, which is also home to LocalGlobe—one of Bajela’s previous firms. This connection not only validates her experience but also provides a strategic link to a broader network within the tech investment community.
Evertrue’s inclusion in the British Business Bank’s £400 million Investor Pathways capital initiative was particularly instrumental. This initiative, designed to pour £90 million into 10 first-time fund managers, underscores a broader national strategy to foster new talent and diversify the venture capital landscape in the UK. The British Business Bank, as a government-owned development bank, plays a crucial role in ensuring access to finance for smaller businesses and aims to address market gaps by supporting emerging fund managers who might otherwise struggle to attract institutional capital. Their backing provides not only financial support but also a significant stamp of credibility for Evertrue.
Initially, Evertrue aimed to raise approximately $13 million, but overwhelming investor interest led to an oversubscribed round. However, Bajela made a deliberate decision to cap the fund at $17 million, choosing to turn down additional investors rather than expanding the fund size further. This strategic choice reflects a disciplined approach to capital deployment. "Fund size is a strategic decision, not a measure of success in itself," she explained. Her rationale was clear: "I wanted enough capital to build meaningful positions in my highest-conviction investments without creating pressure to deploy capital simply because it was available." This philosophy prioritizes quality over quantity, ensuring that Evertrue can maintain a focused portfolio and provide substantial support to its chosen companies, rather than being compelled to make less selective investments simply to deploy a larger fund. This disciplined approach is particularly critical in early-stage investing, where deep engagement and strategic guidance can be as valuable as capital.
Global Ambition and Founder-Centric Investment Thesis
The composition of Evertrue’s limited partners reflects its international outlook and Bajela’s extensive global network. Approximately 80% of Evertrue’s LPs are based in the UK, with the remaining 20% scattered across Europe, Asia, and the United States. This diverse LP base is a direct result of the relationships Bajela has cultivated "over more than a decade investing across markets," providing Evertrue with a broad perspective and access to various international networks. This global representation also mirrors the fund’s ambition, particularly given that many British founders aspire to US expansion—a common trajectory for high-growth tech companies seeking to scale globally. Bajela notes that more than half of Evertrue’s current portfolio companies already operate in the US, highlighting a pragmatic approach to supporting global growth from the outset.
Evertrue’s investment thesis is deeply founder-centric. While focusing on AI and fintech, Bajela emphasizes that she is "particularly interested in people with a unique insight into a problem, an unusual ability to execute and the ambition to build something much bigger than their initial product." This goes beyond merely evaluating market opportunities or technological prowess; it delves into the core attributes of the entrepreneurial team. She further elaborated on her holistic assessment of founders, stating, "I also pay attention to the distance a founder has traveled, what they’ve overcome, and how that has shaped their perspective." This personal lens allows her to identify founders with resilience, unique problem-solving capabilities, and a deep understanding of their target markets—qualities often forged through challenging experiences. This emphasis on founder background and journey is a distinguishing feature of Evertrue’s approach, recognizing that the human element is often the most critical predictor of long-term success in early-stage ventures.
Looking Ahead: A Legacy of Quality and Impact
The launch of Evertrue by Yvonne Bajela represents more than just the debut of a new venture capital fund; it signifies a conscious effort to shape the future of early-stage investing in the UK and Europe. In a sector where diversity among fund managers is increasingly recognized as a catalyst for broader innovation and more equitable capital allocation, Bajela’s emergence as a prominent female fund manager with a distinguished track record is particularly noteworthy. Her fund’s focus on AI and fintech positions it at the forefront of technological disruption, poised to support companies that are not only financially promising but also capable of driving significant societal and economic change.
Evertrue’s strategic decision to maintain a focused fund size, coupled with its robust institutional backing and a deeply founder-centric investment philosophy, sets it apart in a competitive market. By prioritizing quality over sheer volume of capital deployed, Evertrue aims to forge meaningful partnerships with its portfolio companies, offering not just financial investment but also strategic guidance and access to Bajela’s extensive network and experience. This approach is designed to cultivate enduring businesses that can withstand market fluctuations and achieve substantial scale.
As Yvonne Bajela embarks on this new chapter, her vision for Evertrue is clear and ambitious: "I want Evertrue to be known for the quality of the founders I back and the businesses they go on to build." This statement encapsulates her long-term aspiration to build a legacy defined by the success and impact of the entrepreneurs and innovations she champions. Evertrue’s journey will undoubtedly be closely watched as it seeks to identify, nurture, and scale the next generation of groundbreaking tech companies across the UK and European landscape. The fund’s success will not only validate Bajela’s independent vision but also contribute significantly to the ongoing maturation and diversification of the European venture capital ecosystem.
