Passion Capital Emerges In London With $60 million To Seed Startups
Passion Capital (@passioncapital)is a brand new fund aimed squarely at early stage tech startups and has closed its first investment at £37.5 million ($60 million). They anticipate making about 50 investments, where the average investment size is likely to be £150k-£200k at a time. But they say they will go as small as £15k-£50k and also “most certainly higher” than £200k depending on the situation. They are being pretty open. Here’s their investment strategy and they’ve even published their term sheet.
This first fund for Passion comprises significant funding from the private sector, family funds and high net-worth individuals. In addition the UK Government has also invested £25 million via the the tenth Enterprise Capital Fund (ECF).