Passion Capital is one of the UK's longest-running early-stage venture firms, founded in London in 2011 by Eileen Burbidge, Stefan Glaenzer and Robert Dighero. Its pitch to founders is simple: it is a partnership of entrepreneurs and operators applying their own startup experience to help founders build great technology companies — and it will invest before there is product or customers, backing outstanding founders on vision alone.

Thesis and focus

Passion's current investment focus is AI, FinTech and Risk, though historically it has backed a broad spread of European digital media and technology companies. The firm describes itself as an engaged, hands-on investor — providing mentorship and strategic advice alongside capital — and says it has backed 251 founders across 118 early-stage tech startups with a team of 9 people.

Fund size

Passion has raised three institutional funds: Passion Capital LP (Fund I) of £37.5m launched in April 2011, Fund II of £45m launched in May 2015, and Passion Capital III LP of £45m, first closed in August 2019 and finally closed in August 2020. Fund III is famous for a European first: in 2021 the firm crowd-funded part of the fund on the Seedrs platform, making it the first time retail investors could buy into a European venture fund, after partner Eileen Burbidge found a leftover £350,000 allocation and decided to democratise access.

Notable portfolio

Passion's greatest hits are genuine landmark companies: Monzo and GoCardless, both backed from the pre-seed stage. Other well-known names include Ravelin, Tide, Lendable, Adzuna, Digital Shadows, Smarkets, Tray.io, Butternut Box and Marshmallow, plus exits such as Mendeley (Reed Elsevier), Readmill (Dropbox) and Flattr. The firm's current portfolio features companies including Lassie, Fertifa, Daybridge, Attio and nested.

Founder resources

Unusually for a VC, Passion publishes template term sheets and investment documents openly on its website for founders to use — a founder-friendly move that matches its operator-led positioning. The firm also publishes ESG and sustainability disclosures relating to its funds. Founders can pitch directly through the site's "Pitch us" route, and the firm's standard is backing at pre-seed and seed stages across the UK and Europe.

Why it matters for founders

Passion is ideal for first-time founders building in AI, fintech or risk who want investors with genuine operating scars — all three founders have run companies. It is comfortable investing at idea stage with no traction, and its public term-sheet templates mean you know exactly what a fair deal looks like before you start negotiating. If you are raising pre-seed in Europe, this is a warm, credible door.