London, UK-based venture capital firm Passion Capital closed its second fund at £45m (approx. $69m).
Passion Capital Fund II was backed by the British Business Bank, which committed £17.5m, as well as family offices in Europe and in Southeast Asia.
Led by Eileen Burbidge, Robert Dighero and Stefan Glaenzer, Passion Capital provides digital media/technology startups with £200k/£250k in funding. The firm aims to make between 30 to 35 investments in total.
Launched in 2011, Passion has invested an average of £193k in 42 companies, exiting 3 of them.