Passion Capital announced the close of its fourth seed fund, Passion IV, alongside two special-purpose vehicles, totaling $55 million in capital. The fund is fully backed by private investors and will continue the firm’s strategy of writing first checks to founders building in artificial intelligence, fintech, and enterprise risk across the UK and Europe.
The new fund has already been deployed into 13 companies, with the firm highlighting strong early traction across its initial portfolio. Passion Capital emphasized its continued commitment to disciplined fund sizing while maintaining a focused early-stage investment approach.
The announcement follows a strong period of performance for Passion’s broader portfolio. In 2025, the firm recorded multiple exits and liquidity events, including Ravelin, Tillo, and Xelix. The portfolio also saw notable activity with GoCardless being acquired by Mollie, alongside significant growth rounds raised by companies such as Attio, PolyAI, Lassie, and Marshmallow. In total, Passion distributed $85 million to its limited partners, exceeding the size of any of its prior funds.
Since its founding in 2011, Passion Capital reports delivering a net internal rate of return of 23% and a 2.5x distributed to paid-in capital multiple. The firm has backed more than 100 companies at the seed stage and has helped produce five fintech unicorns, positioning it as a notable early-stage investor in the European fintech ecosystem.
Looking ahead, the firm plans to expand its strategy by launching a growth-stage fund. This new vehicle will focus on scaling some of Passion’s most successful portfolio companies, along with select opportunities from its broader network.
Passion IV will be managed by partners Robert, Andrew, Will, Sarah, and Greg, as the firm continues to seek ambitious founders across its core sectors.
