Sonia Powar Joins the Ascension Board
Thursday June 30th, 2022
As Ascension reaches its next stage of growth and launches a number of larger institutional funds, we are delighted to announce that Sonia Powar has joined the Ascension board.
With the current board comprised of exited entrepreneurs, we are excited to welcome Sonia who has a wealth of experience as an investor in venture capital, most recently at Frog Capital.
Sonia began her career at 3i plc, the UK’s leading private equity investor followed by Foresight Group before joining venture debt start-up, BOOST&Co, as a Partner to co-lead the scale up. Whilst there, BOOST&Co became one of the top non-bank lenders to SMEs, with capital being provided to over 150 companies. Since February 2022, Sonia has been the Chair of the Investment Committee at Frog Capital, who’s core focus is investing in European purpose-led Software Scale-Ups and providing them the support to scale their business quickly and sustainably, whilst retaining a focus on purpose and a positive impact.
This impact angle resonates especially well with us at Ascension, one of the leading impact investors in the UK and currently raising a £50m institutional fund which will invest in businesses which improve how people live and work. Notable previous investments in the space include Wagestream, a super app for employers to help their employees manage their finances better; Oxwash, a sustainable laundry service; Credit Kudos, a tool which uses open banking to enhance affordability and risk assessments which recently exited to Apple; and Bonnet, creating critical infrastructure for electric vehicles.
Kip Meek, Chairman of Ascension:
‘We are delighted that Sonia is joining the Ascension board. Her experience will be a great help to the Ascension team and her knowledge of the VC ecosystem should be very valuable as we raise larger funds in the future’.
Sonia Powar, commented:
‘I am delighted to be joining the Ascension board and share their passion for using venture capital funding for the greater good of society. At a time when inequality is greater than ever, our industry has a vital role in supporting dynamic founders and businesses who are building innovative solutions to address these challenges. As one of the most prolific impact investors in the UK, Ascension is well positioned to expand both its capital and reach in the ecosystem.’
Ascension is an early-stage venture capital firm built and managed by exited operators and entrepreneurs to back the next generation of tech and impact founders. Since 2015, Ascension has invested in 150+ start-ups across its (S)EIS & Institutional funds — our specialist approach and extensive sector reach allow us to identify and scale pioneering tech enterprises. With over £70m under management, Ascension is one of the most active early stage investors in the UK, with a particular focus on backing impact businesses leveraging the power of technology to solve some of the world’s biggest problems. For more information, see ascension.vc.
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