Passion Capital raises £45m for second fund

Passion Capital raised £37.5m for its first fund back in 2011, receiving significant commitments from the UK government via the British Business Bank's Enterprise Capital Funds (ECF) programme.

The British Business Bank also acted as a cornerstone investor for the VC's second fund, contributing more than a third of all commitments.

The GP will continue to follow its strategy of investing in UK businesses at a very early stage, and supporting them in their development. The fund will target companies seeking investments of up to £2m.

Passion Capital has taken a very open approach – a somewhat unusual move for the VC industry – to transparency when it comes to its portfolio. According to figures released by the firm, Passion has reaped a 3.13x average multiple of first money invested, equivalent to a gross 32.7% IRR.

Passion's average first seed funding ticket amounts to £193,000. The 42 companies in the VC's portfolio are collectively valued at an estimated £407m.

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• Topics
• UK / Ireland
• Venture
• United Kingdom
• Passion Capital