UK Tech Sector Gets $60 Million Push
U.K. investment firm Passion Capital just raised a fund of $60 million, $40 million of which was contributed by the U.K. government. They plan to make around 50 investments with the fund, each around $200,000, mostly to companies with little more than a pitch or a prototype. They recently released their invest strategy on their lovely website.
Partners Stefan Glaenzer, Eileen Burbidge and Robert Dighero, are former European angle investors before they got together to launch their own fund, focusing on digital media and technology startups. Passion’s partners have been involved in extraordinarily successful endeavors, including European darlings Skype and Last.fm.
U.K. has recently introduced an entrepreneur visa, one of several efforts to draw high-tech startups to the U.K., in particular to London. Do you think the U.K. government’s very particular focus on startups will draw tech people and future media companies away from the US?