London-based venture firm Passion Capital has closed its fourth seed fund, Passion IV, alongside two SPVs at a combined €46 million. The fund is entirely backed by private capital and will focus on first-cheque investments in AI, fintech, and enterprise risk startups across the UK and Europe. Thirteen companies have already received backing.
Partner Greg Bennett said AI was enabling founders to build more efficiently than ever, reinforcing the firm’s longstanding preference for backing people and their ability to execute.
Founded in 2011, Passion Capital has backed over 100 companies including Monzo, GoCardless, and PolyAI, reporting a net IRR of 23% and 2.5x DPI. In 2025 alone the firm distributed €72 million to its limited partners — exceeding the size of any of its previous funds — following exits from Ravelin, Tillo, and Xelix, and GoCardless’s acquisition by Mollie.
Featured image: Credit: Passion Capital