Emma Steele (Ascension) & Emily Trant (Wagestream): Building ventures where profit and purpose scale together
- ImpactVC
- Jul 2, 2025
- 2 min read
The Impact Highlight 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:
00:40 | 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
✍️ Show Notes
The Hidden Impact in Commercial Ventures
Emily breaks down why Wagestream’s scale is precisely why its impact is so significant—and how focusing only on “non-commercial” ventures misses the bigger picture.
Tech for Good Doesn’t Need a Label
Emma shares why Ascension never called itself an impact fund—but built one of the best “tech for good” portfolios in Europe anyway.
From Product to Outcomes
Collecting data on stress, control, and behavior change is key. It’s not just about reach—it’s about real change in users’ lives.
Making Advisory Boards Actually Work
Most impact boards fall flat. Emily shares how transparency—not posturing—makes theirs valuable.
Build with Purpose
Both guests agree: founders with clear, embedded impact intent from day one are the ones who scale it successfully.
💡 Investor Takeaway
Commercial models and social outcomes aren’t at odds. The best ventures use the tools of tech and capital to solve real problems—and do it at scale. As Emma and Emily show, being “impact-driven” isn’t about charity. It’s about intention, execution, and outcomes.
