Passion Capital files for third fund

Passion Capital closed its second fund on £45m in May 2015, including a £17.5m commitment from the British Business Bank.

The second fund targeted equity investments of up to £2m in very early-stage businesses with add-on capital available to support them through further rounds.

The VC firm was an early backer of the online bank Monzo, which recently raised a £71m funding round.

Passion Capital reported an average money multiple of 3.13x, representing a 32.7% gross IRR at the time of its second fund close.

Osborne Clarke acted as legal adviser to the fund registration.

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• Passion Capital
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• Osborne Clarke