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The British Business Bank invests in Passion Capital’s GBP45 million second fund

The British Business Bank has invested GBP17.5 million in Passion Capital II LP, the GBP45 million second fund from one of the UK’s best known venture investment firms. 

The commitment marks the 18th  investment by the British Business Bank’s Enterprise Capital Funds (ECF) programme.

Passion Capital is a hands-on investor providing financial support and mentoring at a very early stage, helping to build companies and prepare them for accelerated growth. The new fund builds on the success of Passion Capital’s first fund, which was also supported by British Business Bank’s ECF programme, and backed the early development of high growth companies such as Adzuna, CarThrottle, Digital Shadows, DueDil and GoCardless. The second fund will continue to have the same focus on early stage technology businesses seeking up to GBP2 million of investment.

Robert Dighero, Partner, Passion Capital, says: “Our first fund cohort has made excellent progress and we are now looking to add further exceptional early stage businesses to the Passion portfolio. We are delighted with our on-going partnership with British Business Bank and will continue to invest in the very best, leading edge, UK technology start-ups.”

Ken Cooper, British Business Bank’s Managing Director of Venture Capital Solutions, adds: “The Passion Capital team have a track record of early stage investment in UK technology companies. They have a valuable mix of financial and operational skills and a genuine enthusiasm for building strong companies, and we are very pleased to be able to back their second fund. This is a great example of the way the British Business Bank can work through its partner organisations to fill gaps in the funding market to provide real help to the UK’s smaller businesses.”  
 

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