Ascension Ventures
Ascension Ventures, also known as Ascension, is a London-based early-stage venture capital firm that backs pre-seed and seed founders in tech and impact across the UK and Europe. Its one water-related holding is MiAlgae, a Scottish biotech growing Omega-3 from microalgae that returns clean water as it runs. As of 2026 it has backed 1 water company across 2 deals.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Ascension is a London early-stage venture firm built by people who had already sold their own companies, set up by Jean de Fougerolles in 2014 after he sold the interactive-TV business Two Way Media to Virgin Media. Since 2015 it has backed more than 150 startups across its retail and institutional funds, with a deliberate tilt toward impact: businesses using technology to chip away at problems like the cost-of-living squeeze, financial exclusion and childhood obesity.
Ascension is not a water fund, and only one company in that long list counts as a water bet: MiAlgae. Ascension came in through its impact funds to back the Edinburgh biotech, which grows Omega-3-rich microalgae on the leftover co-products of whisky distilling and other food and drink production. The clever part for water people is the by-product: MiAlgae's process returns clean water as it pulls value out of effluent that would otherwise be waste.
Ascension's water exposure begins and ends, for now, with that single circular-economy bet, which is why (don't) Waste Water scores its water commitment only Occasional. MiAlgae is less a water-treatment play than a food-and-sustainability one that happens to clean water on the way through, a fit for a generalist impact investor rather than a sign of a standing water thesis.
Ascension's energy in 2026 is going into geography, not a new sector. As of January 2026 the British Business Bank committed up to £10M to Ascension through its Regional Angels Programme, a partnership aimed at funding early-stage founders outside London and the South East, deployed alongside the firm's EIS and SEIS funds and its institutional vehicle, Ascension Fund III. For a newcomer that is the clearest read on where Ascension is heading: more cheques, wider across the UK, still impact-first.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 1 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Ascension Ventures invest in?
- Ascension Ventures invests in pre-seed and seed-stage technology startups, with a strong tilt toward impact, backing founders tackling social and environmental problems across the UK and Europe. In water it has been highly selective: its one water-related holding is MiAlgae, a Scottish biotech producing sustainable Omega-3 from microalgae.
- Who runs Ascension Ventures?
- Ascension Ventures was founded in 2014 by Jean de Fougerolles, its managing partner, who previously sold the interactive-TV firm Two Way Media to Virgin Media. The investment team includes partners Emma Steele, who leads its impact funds, and Remy Minute, who chairs the investment committee, plus principal Toyosi Ogedengbe.
- Has Ascension Ventures invested in water?
- Ascension Ventures has made one water-related investment, MiAlgae, an Edinburgh biotech that grows Omega-3 microalgae on food and drink co-products and returns clean water in the process. (don't) Waste Water rates its water commitment Occasional, reflecting a single circular-economy bet across 2 deals, not a dedicated water thesis.
- Where is Ascension Ventures based?
- Ascension Ventures, which trades as Ascension, is based in London, United Kingdom, and invests across the UK and Europe. Since 2015 it has backed more than 150 startups through its EIS, SEIS and institutional impact funds, and manages over £83M, ranking among London's most active early-stage investors.
- Is Ascension Ventures the same as the US healthcare fund Ascension Ventures?
- No. This Ascension Ventures is a London-based early-stage impact VC, also known as Ascension (ascension.vc), founded by Jean de Fougerolles. It is unrelated to Ascension Ventures, the St. Louis corporate venture arm of the US Ascension health system. Only the London firm has backed a water company, MiAlgae.