Passion Capital I LP Including Investors

Passion Capital I LP

About Passion Capital

Passion Capital was established in March 2011 by Stefan Glaenzer, Eileen Burbidge and Robert Dighero with the aim of becoming the premier early stage UK digital media and technology investment firm in the UK. The partners have more than 50 years’ collective experience in entrepreneurial, founding and executive operational roles in technology firms.

Stefan Glaenzer was named the best angel investor in Europe by readers and editors of TechCrunch Europe, and was the first investor and executive chairman of Last.fm, seeing that company through to its sale to CBS (2007 USD $270 million). Prior to that Stefan was co-founder of Ricardo.de, one of the first European online auction and classified sites, sold to QXL. (@stefanglaenzer)

Eileen Burbidge was ranked #11 in The 100 most influential technology investors in Europe according to “online social capital” by the Telegraph. She was investment director for private early stage VC firm Ambient Sound Investments, founded by the Skype founding engineers. Prior to that, Eileen was products director for both Yahoo! Answers and Skype.  (@eileentso)

Robert Dighero,  was the former CFO of QXL/Tradus plc, sold to Naspers (2008 £1 billion) having guided the company from its founding to listing on four public exchanges, and personally managing more than 15 M&A transactions. Prior to that, Robert was CFO and founding executive of AOL Europe. (@robertdighero)

The firm was awarded its ECF mandate in December 2010 and closed all of its investor commitments in fewer than 3 months.

Passion Capital LP is managed by Passion Capital Investments LLP, registered in England and Wales under number OC361157, which applied to the FSA to be so authorised and regulated. Caledonia Capital Managers Limited is authorised and regulated by the FSA and is registered in Scotland under number 218683. Caledonia was appointed interim operator of the fund, with all non-regulated activities being carried out by Passion Capital Investments until it was regulated by the FSA after which it took over full operation and management of Passion Capital LP.

Early stage investment firm Passion Capital announced  in 2011 its first investment fund closing at £37.5 million ($60 million). Partners Stefan Glaenzer, Eileen Burbidge and Robert Dighero will invest in ambitious entrepreneurs who have global ambition with early stage digital media and technology startups. This new fund will help address the increasing demand by early stage founders and teams for seed capital – at the most critical range of the equity and funding gap for SMEs.

The team secured significant funding from the private sector, validating interest and appetite from family funds and high net-worth individuals for supporting high tech startups. The UK Government has also invested £25 million, in this the tenth Enterprise Capital Fund (ECF) launched since the programme began in 2006.

Stefan Glaenzer said “We’re passionate about innovation and disruption and building world-leading companies – not just about “models”. And our success in raising this fund shows the confidence from private investors and the UK Government in our track record and vision.”

Prior to establishing the fund the three partners have been intimately and directly involved as either founder or earliest executive/employee in 4 of the most significant European technology success stories (measured by market cap on exit) over the last 10 years (Ricardo.de, Skype, Last.fm, QXL/Tradus).

Stefan added, “We believe working with early-stage startups is as challenging and exciting as it gets, and more crucially we’ve gone through it ourselves.  At the end of the day, commercial success all comes down to the passion and executional abilities of the entrepreneurs.”

Rory Earley, CEO of Capital for Enterprise Limited said: “We have been impressed by the Passion Capital team’s entrepreneurial and operational experience, track record of success as angel investors and history of supporting SMEs.  We are delighted that the team managed to secure their investor commitments in only 3 months, demonstrating both the attractiveness of the ECF programme and of this particular fund.”

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Passion Capital LP          
             
Incorporated   23-Feb-11      
             
General Partner   Passion Capital (GP) LTD      
             
Life Of Partnership   10 years with option to extend for two further periods of one year
             

 

Limited Partners            
      Capital Contributed Date Capital Reduction Loan Reduction Date
Passion Capital (FP) LLP   1.00 23-Feb-11      
The Secretary of State for Business Innovation and Skills 150.00 12-Apr-11 -150.00   7-Nov-14
Passion Capital (FP) LLP   249.00 12-Apr-11      
Dr Frelherr Christian Werner Bartels-Varnbueler Von und zu Hemmingen 24.00 12-Apr-11      
Kai Flint     12.00 12-Apr-11      
Christoph Linkwitz   36.00 12-Apr-11 -7.20 -149,992.80 2-Apr-13
Hans Kodde   4.80 12-Apr-11      
Simon Eric Hugh Turner   19.20 12-Apr-11      
John Frederick Hartz   19.20 12-Apr-11 -19.20 -399,980.80 7-Feb-18
Stefan Wiskemann   12.00 12-Apr-11      
Mark Stefano Dighero   4.80 12-Apr-11      
Mark Xavier Zaleski   4.80 12-Apr-11      
Thomas William Hulme   7.20 12-Apr-11      
Conran Estate FCP   48.00 12-Apr-11 -48.00 -999,952.00 11-Oct-17
Siebte PMB Management GmBH   81.60 12-Apr-11      
EJ Ventures AG   9.60 12-Apr-11 -9.60 -199,990.40 15-Dec-18
Florian Rehm   67.20 12-Apr-11      
Martin Anderson   67.20 12-Apr-11 -67.20 -1,399,932.80 25-Jan-17
Lehman Management Nominees Ld   67.20 12-Apr-11      
Passion Capital (FP) LLP (as an Investor)   115.20 12-Apr-11      
               
      1,000.00        
               
Christoph Linkwitz            
Helmut Soehler       7.20 149,992.80 2-Apr-13
British Business Finance Limited       150.00   7-Nov-14
Vintage Investment Partners VI (Cayman) LP Name Change to Vintage Secondary Fund III (Cayman) LP 50.86 1,059,609.14 25-Jan-17
Vintage Investment Partners VI (Israel) LP Name Change to Vintage Secondary Fund III (Israel) LP 16.34 340,323.66 25-Jan-17
Freiherr von Salmuth Beteiligungen AG       48.00 999,952.00 11-Oct-17
Sort Hest Limited       19.20 399,980.80 7-Feb-18
Robert Dighero       3.20 66,596.80 15-Dec-18
Stefan Glaenzer       3.20 66,596.80 15-Dec-18
Mojo Partners Pte Ltd       3.21 66,796.79 15-Dec-18
               
FINANCIAL STATEMENTS                
                   
PROFIT AND LOSS 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19
                   
Administrative expenses -1,020 -6,091 -3,626 -64        
                   
OPERATING LOSS -1,020 -6,091 -3,626 -64 0 0 0 0
                   
Income from participating interests 47,073 99,118 397,895 249,216 714,392 1,069,473 -257,118 1,431,457
                   
PROFIT BEFORE MEMBER REMUNERATION 46,053 93,027 394,269 249,152 714,392 1,069,473 -257,118 1,431,457
BALANCE SHEET 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 31-Mar-19
                   
FIXED ASSETS                
Investments 527,415 1,394,496 2,006,055 2,591,253 3,545,635 4,735,103 4,597,980 5,628,318
                   
CURRENT ASSETS                
Debtors           2,217 2,295 5,972 6,022
Cash at Bank 30 739 712 650 582 504 425 299
                   
CREDITORS :amounts falling due within one one year -1,050 -7,850 -11,449 -11,450 -13,600 -13,600 -17,200 -17,200
                   
NET CURRENT LIABILITIES -1,020 -7,111 -10,737 -10,800 -10,801 -10,801 -10,803 -10,879
                   
NET ASSETS ATTRIBUTABLE TO MEMBERS 526,395 1,387,385 1,995,318 2,580,453 3,534,834 4,724,302 4,587,177 5,617,439
                   
REPRESENTED BY                
Loans and other debts due to members within one year              
Other amounts 480,092 1,248,055 1,461,719 1,797,702 2,037,691 2,157,686 2,277,679 2,076,484
                   
EQUITY                  
Members Capital 250 250 250 250 250 250 250 250
Other reserves 46,053 139,080 533,349 782,501 1,496,893 2,566,366 2,309,248 3,540,705
    46,303 139,330 533,599 782,751 1,497,143 2,566,616 2,309,498 3,540,955
                   
    526,395 1,387,385 1,995,318 2,580,453 3,534,834 4,724,302 4,587,177 5,617,439
TOTAL MEMBERS INTERESTS                
Loans and other debts due to members 480,092 1,248,055 1,461,719 1,797,702 2,037,691 2,157,686 2,277,679 2,076,484
Members other interests 46,303 139,330 533,599 782,751 1,497,143 2,566,616 2,309,498 3,540,955
                   
    526,395 1,387,385 1,995,318 2,580,453 3,534,834 4,724,302 4,587,177 5,617,439
                   
                   
INVESTMENTS                
Opening Capital   365 365 365 365 365 365 365
Addition   365              
Closing Capital 365 365 365 365 365 365 365 365
                   
Opening Loan   527,415 1,394,496 2,006,055 2,591,253 3,545,635 4,735,103 4,597,980
Addition Loan 480,342 767,963 383,982 335,982 239,988 119,995 119,995 178,964
Repayments of Loan     -170,318         -380,083
Profit Allocation 47,073 99,118 397,895 249,216 714,394 1,069,473 -257,118 1,231,457
Closing Loan 527,415 1,394,496 2,006,055 2,591,253 3,545,635 4,735,103 4,597,980 5,628,318
                   
Total Loan Commitment 2,400,250 2,400,250 2,400,250 2,400,250 2,400,250 2,400,250 2,400,250 2,400,250

 

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