VC | E510 | Emma Steele & Emily Trant on building ventures where profit and purpose scale together

EUVC

Welcome to the Impact Highlight series, powered by EUVC, where we bring you the people and perspectives shaping European venture.
This week, August is joined by Emma Steele (Partner at Ascension) and Emily Trant (Head of Impact at Wagestream), two of the most vocal champions for mission-aligned tech in Europe.
In this episode, we explore the nuances of building and backing commercial businesses that generate genuine social value. Emma and Emily reflect on where the commercial model does work for impact, where it doesn’t, and why intent matters as much as outcomes.
From designing products that serve vulnerable users to structuring impact advisory boards that challenge you, this is a real look into how impact venture plays out at the fund and founder level.
🎯 This Episode’s Themes:

• What “tech for good” actually looks like in venture
• Building scalable impact and sustainable returns
• How to think about charity vs commercial models
• Why intent and design matter more than labels
• How impact boards can go wrong—and how to make them work

Here’s what’s covered:

• 00:00 | Meet Emma & Emily: Impact VC meets operating at scale
• 02:30 | What Is “Impact” Anyway? And why Ascension never used the label
• 06:15 | Wagestream’s Model: Serving those who can’t pay—at scale
• 10:00 | Market Failures & Margin Models: Why commercial still wins
• 13:00 | Data That Matters: From savings behavior to sleep quality
• 17:00 | Charity vs Commercial: The tension no one likes to talk about
• 20:15 | Impact Boards: How to make them useful (hint: be honest)
• 24:30 | The Venture Fit: Why scale and impact aren’t opposites
• 28:00 | Calling Future Founders: Be intentional from day one