Founded in 2009, Passion is a prominent seed venture capital fund in the UK and European ecosystem, having backed over 100 companies and managed multiple exits and unicorns. The firm invests from its fourth fund, Passion IV, focusing on European founders in fintech, AI, and risk.
The rental deposit lender raised capital through a loan note with backing from Passion Capital, Truesight, and the UK government Future Fund.
"We were in the middle of raising our seed round when COVID hit and fund raising largely paused as investors re-assessed, recalibrated and got used to a Zoom-first world,"
Passion Capital led the seed investment, which will help fund team expansion and product development.
Draper Esprit led the Series C financing, with continued backing from Amadeus Capital Partners, BlackFin Tech, and Passion Capital.
"We have been very busy in the two years since our last funding round in 2018. Our approach to tackling fraud and risk for enterprise-scale businesses has resonated with the market and we’ve grown our client base rapidly"
The digital bank has raised roughly £60m from a syndicate of existing and new investors.
Passion Capital led the seed round for the raw materials prediction startup.
"At ChAI we’ve been tremendously encouraged by the near-instant and overwhelmingly positive response we’ve received to our methodology and predictions on commodities pricing. The inbound interest we’ve received for our “signals” and approach has been hugely validating and we look forward to introducing our services to many more companies in 2020. For this we’re excited to partner with such esteemed investors and business builders to progress our journey and take the company to the next level"
