Passion Capital has closed Passion IV & SPV’s at £40 million with a focus on providing first cheques to founders building in AI, fintech, and enterprise risk across the UK and Europe at seed stage.
The fund continues Passion’s strategy of investing at the earliest stage, targeting founders from day zero. It focuses on companies operating in AI, fintech, and enterprise risk, supporting their development from initial funding through early growth.
Passion stated that it has already invested in 13 companies through the fund. The firm reported that 2025 included exits and liquidity events from Ravelin, Tillo and Xelix, as well as GoCardless being acquired by Mollie and growth rounds across Attio, PolyAI, Lassie and Marshmallow. The firm also distributed $85 million to its LPs.
Since 2011, Passion has delivered a net IRR of 23% and 2.5x DPI, backing over 100 companies from seed and producing 5 fintech unicorns, making Passion one of Europe’s top fintech unicorn creators. Leveraging this unique access and insight, they intend to launch a growth stage fund focusing on some of Passion’s best known growth opportunities, together with a handful of companies from their network.
