Ananda Impact Ventures has announced a €73 million first close for its fifth fund, describing it as the largest first close in the firm’s history and a signal of continued institutional and private appetite for Europe-focused impact strategies.
In a statement shared on LinkedIn, the impact investor noted that the raise arrives at a moment when “others are retreating from impact,” and positioned Fund V as a bet on what it called “Impact Investing 3.0”—an approach that treats impact less as a marketing layer and more as a durable, decision-driving commitment embedded into sourcing, diligence, portfolio construction, and long-term stewardship. The firm pointed out that in this next phase, impact strategies will be tested by tighter capital markets and higher expectations around measurable outcomes, not just mission statements.
Ananda said Fund V will back founders “who dare to challenge the order of things,” with a particular emphasis on frontier technologies the firm believes can generate the next wave of Europe’s impact “unicorns.” Rather than focusing on incremental improvements, the fund is positioned around systems-level solutions—technology- and data-driven platforms capable of shifting outcomes across climate resilience, nature, and health at a meaningful scale.
To illustrate the kinds of themes it tends to pursue early, Ananda pointed to prior investments and research areas such as wildfire detection, biodiversity data infrastructure, and AI-enabled mental health technology—sectors it said it supported “long before consensus formed.” The firm’s message emphasized a willingness to move ahead of mainstream adoption curves, aiming to identify category-defining companies before their markets become crowded and valuations reflect broad investor agreement.
As reference points for that strategy, Ananda highlighted category leaders including OroraTech, NatureMetrics, and ieso UK, positioning them as examples of the type of platform and category-building ambition the firm wants to enable with its newest vehicle. The investor’s framing implies a thesis centered not only on impact potential but also on the ability to build businesses with defensible technology, scalable go-to-market paths, and long-term relevance as regulation, procurement, and enterprise adoption increasingly favor measurable sustainability and wellbeing outcomes.
The firm said the first close drew backing from a mix of institutional and mission-aligned capital providers, including the European Investment Fund (EIF), NRW.BANK, Investcorp-Tages, Mercator Foundation Switzerland, and more than 40 family offices. Ananda’s investor roster for the first close suggests an effort to blend anchor institutions with values-driven private capital—an LP mix that can provide both scale and staying power across longer venture timelines.
Ananda did not provide additional details on the fund’s ultimate target size, deployment pace, or specific check sizes, but pointed out that the first close is a foundation for building a concentrated portfolio of European companies it believes can deliver outsized financial performance alongside durable, verifiable impact.
