London-based VC Araya Ventures has secured an oversubscribed $23 million in a second close for its Super Angel Fund, targeting a final close of $25 million in May. British Business Investments is among the investors.
- Launched in 2022 by Rupa Ganatra-Popat, Araya Ventures is a fund that invests in pre-seed and seed-stage startups. Its portfolio includes companies such as Jove, Further, Bloom, Autometry, and Lapse.
- In August 2024, the firm announced the first close of its Super Angel Fund at €9.8 million, with plans to make 10 to 15 investments per year.
- The firm runs an Angel Academy to train women as investors, addressing the low 14% female representation in the UK. Graduates share deals with Araya Ventures and earn carry if the firm invests.
- The Super Angel Fund will invest between £150,000 and £450,000 in around 60 UK B2B SaaS and consumer startups at the pre-seed and seed stages, focusing on healthtech, fintech, commerce, and the future of work.
- The firm plans to make up to six follow-on investments with its first fund. However, it will also support its portfolio companies by co-investing in Series A and B rounds alongside family offices that are LPs in Araya.
- To date, Araya Ventures made nine investments from its Super Angel Fund, with 50% focused on AI startups, including:
- Capably, which automates internal business processes
- Research Grid, which streamlines clinical trial management
- Cold AI, an operating system for founders.
- The fresh fund saw backing from British Business Investments, a subsidiary of the British Business Bank, which committed £5 million through a co-investment vehicle at its second close. This marks its first commitment to a solo GP firm in the UK.
- Other LPs in the fund include Phil Cutts, Charithra Chandran, Rachel Pendered, Amar Radia, Niraj Pabari, and Daljit Sandhu.
