Exceptional Ventures Raises £50 Million Fund for 'Joyspan' Startups

By Olivia Hart

Exceptional Ventures is raising a £50 million second fund dedicated entirely to health, ageing and wellbeing startups — a sector that drew $7 billion in venture capital in the first half of last year, overtaking fintech and cryptocurrencies combined.

The London-based firm, founded by Piedmontese engineer and former Cisco Systems executive Paolo Pio and American investor Matt Cooper, calls its target companies "Joyspan" businesses — a coined term merging lifespan and joy. The vehicle, EV Fund 2, launched in September 2025 and will deploy all £50 million into companies it defines as extending healthy, happy life.

Who is backing the fund?

The investor roster is institutional-heavy. The British Business Bank backs the fund, alongside three of Europe's leading banking foundations: Turin-based Compagnia di San Paolo, which also serves as anchor investor; Milan-based Fondazione Cariplo; and Fondazione CRC.

Private money is present too. Simone Cimminelli — son of the late president of Torino FC and an entrepreneur in the automotive industry — has committed his own capital, according to the firm.

The takeaway: a second-time fund with a named anchor investor and state-backed participation signals institutional confidence, though the £50 million target remains a modest pool by venture standards.

What did the first fund actually deliver?

EV Fund 1 launched in 2022 and invested its full capital across 41 startups in the United Kingdom, the European Union and the United States. The firm reports that many portfolio companies completed Series A and Series B rounds, and that total portfolio revenue doubled year-on-year.

Those claims come from the fund itself. No valuations, exit figures or loss rates were disclosed — standard opacity for venture managers marketing a successor vehicle.

In plain words: the first fund's track record is described in growth terms, but hard return numbers are absent.

Why longevity, and why now?

The demographic case is blunt. By 2050, more than half of Europe's citizens will be over 55, and the wellbeing economy is projected to be worth nearly $10 trillion by the end of the decade — roughly twice the current GDP of Japan, for scale.

Harvard University has calculated that one additional year of healthy life contributes an additional $38 trillion to global GDP. That figure underpins the fund's thesis: prevention keeps people well and productive longer.

EV Fund 2 concentrates on three areas:

• Prevention, early diagnosis and risk assessment
• Smarter treatments
• Smarter healthcare delivery

The narrowing is deliberate. The first fund spread capital across 41 companies; the second targets a tighter thesis.

The one-line summary: an ageing continent needs services, and this fund is betting £50 million that startups will supply them.

Where does Exor fit in?

John Elkann — head of Exor and Stellantis, and heir to the Agnelli family — has taken an interest in the venture. Pio and Cooper's fund has been invited to participate in Wave by Vento, the annual innovation and finance event held in Turin under the Exor umbrella.

An invitation is not an investment. Neither Exor nor Elkann appears among the fund's named backers; the connection, for now, is reputational and event-based.

The takeaway: Elkann's endorsement lends visibility in Turin's business circles, but the disclosed capital still comes from the banks and foundations.

What comes next?

Exceptional Ventures states its aim plainly: to help as many people as possible live longer, healthier and happier lives. Whether the £50 million materialises at target — and whether EV Fund 2's portfolio repeats the first fund's reported revenue doubling — will be the test Pio and Cooper face as fundraising proceeds into 2026.