The venture capital firm was launched in March 2011 as a private-public hybrid fund with an initial fund of $60 million, of which $40 million was from the United Kingdom government. The fund partners are Stefan Glaenzer, Eileen Burbidge and Robert Dighero. The firm announced, at the end of May 2015, that they raised their second fund in the sum of $69 million.
Passion Capital has pioneered a number of transparency initiatives with relation both to company operation and to investment. In June 2013, they announced that they would have a "plain English term sheet" eschewing the use of legal jargon, and put up their sample term sheet online. Passion Capital also publishes information annually on the status of its current and past investments, as well as its average salaries and other expenses. In October 2012, Passion Capital announced joint office hours in London with ten other venture capital firms including Index Ventures, Accel Partners, Balderton Capital, and Eden Ventures.