In this episode, Andreas Munk Holm talks with Jon Coker, co-founder and GP at Eka Ventures, to unpack the strategy behind their conviction-led investment model and its outsized outcomes. Jon shares why Eka’s focus on consumer health and sustainable consumption is redefining what it means to deliver impact from venture, not just within it.
Jon challenges the traditional index-style logic of venture capital, arguing instead for deep diligence, founder-first frameworks, and high-bar decision-making shaped by firsthand experience with outlier success. This episode is a masterclass in aligning fund design, sourcing strategy, and conviction-building to deliver both impact and performance.
Here’s what’s covered:
03:25 Why Eka Doubled Down on Concentrated Portfolios
05:44 Structural Drivers Behind the Portfolio Strategy
07:18 Challenging the Index Logic of Venture
14:05 How Eka's Style Shapes Decision-Making Processes
16:34 Consumer Tech: Eka's Favorite Layer Cake
21:05 Bias for Action: A Key Founder Trait
28:35 Building Conviction: The Founder's Role at Eka
29:12 Eka's Deep Founder Diligence Model
44:57 Impact From Venture vs. Impact In Venture
50:57 Scaling Impact: Why Depth and Scale Matter
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation on the Spotify/Apple episode🎧
✍️ Show Notes
Conviction Over Coverage: Why Concentrated Portfolios Win
Jon Coker lays out the logic behind Eka's concentrated approach: leading UK seed rounds with 1-2M GBP checks requires conviction, not coverage. A 20-25 company fund is not only structurally necessary, it's strategically optimal—if you can consistently identify and support outliers.
Knowing What Great Looks Like
Venture isn't a game of luck, Jon argues, and great founders are rare for a reason. The Eka team defines their bar through "bias for action" and years of exposure to outlier execution. Their founder diligence model—including psychometrics, references, and founder interviews—reflects that people aren't just important, they're everything.
Not Just People, The Right People
From Slack-based transparency to full-team founder sessions, Eka ensures all decision-makers stay close to the pulse. Junior team members learn by exposure to greatness, and founders are selected as much for intensity and integrity as charisma. "I don’t need to want to spend a weekend with you," Jon says, "but I do need to know you’re the real deal."
Impact-Driven, Performance-Led
Eka's themes—consumer health and sustainable consumption—are intentional. They're looking for startups that reduce waste, create healthier systems, and scale economically and societally. From early cancer diagnostics to logistics optimization, it's not about compromise. It's about building the future, better.
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💬 Community event | LP AMA with James Heath | ⏰ May 19, 1:00 PM - 2:00 PM GMT+2 | 💻 Online
Ever wonder how LPs actually think about fund strategies, especially in a world leaning toward specialisation? Join our next members-only LP AMA with James Heath, Investment Principal at dara5 and author of Why Specialists Will Win the Next Decade of Venture.
This is a small-group, interactive session where you’ll get the chance to ask candid questions and hear James’s unfiltered take on where LPs are placing their bets—and why.
Why attend?
Hear directly from a leading LP who’s investing in both specialist and generalist VC funds across Europe
Learn how LPs evaluate fund strategies—and why some are doubling down on focused, high-conviction theses
Get a behind-the-scenes look at what’s working in European VC, what’s not, and what LPs are watching next
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🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
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