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Venture Capital
playfaircapital.com

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Investments

76

Portfolio Exits

4

Funds

1

Partners & Customers

1

About Playfair Capital

Playfair Capital aims to create long lasting and sustainable companies and relationships with their founders. The firm looks for entrepreneurial individuals with inspirational leadership and execution qualities capable of scaling a company to a global level. Playfair's extensive network of contacts and financial capabilities can turn a new idea into the global company of tomorrow.

Playfair Capital Headquarters Location

8 Warner Yard Clerkenwell

London, England, EC1R 5EY,

United Kingdom

+44 (0)203 697 9210

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Latest Playfair Capital News

Use Passionfruit secures £3.6 million Seed investment co-led by firstminute Capital and Playfair

Jul 25, 2022

11 minutes read Passionfruit wants to make independent work work for anyone in Gen Z, 80% of whom want to go freelance but don’t know how to start and sustain it as a career path. Passionfruit is the first to meet the full suite of needs with access to work, financial tooling and community-led upskilling, with an initial focus on marketing specialists. 87% of their specialists have never worked on a freelance platform before. Passionfruit specialists work with the portfolio companies of 65 of the world’s top 100 VCs, and the business has raised a $4.3m round to accelerate growth from firstminute capital, FJ Labs and Playfair, as well as the Atomico, Accel and Notion scout networks, plus early execs/founders from Airbnb, Deliveroo, Turo, Trouva, Workday and Stripe. Passionfruit , the GenZ freelancing platform, has closed a seed round of $3.6m, in an oversubscribed deal co-led by firstminute Capital and Playfair, with participation from FJ Labs and Portfolio Ventures. Other participants include the Atomico, Accel and Notion scout networks, as well as angels such as Mandeep Singh (Trouva), Xav Collins (Turo) and execs from Stripe, Airbnb and Workday. This follows a pre-seed round in December of $700k led by Playfair. Passionfruit is the first platform to give GenZ a genuine and robust choice between company employment and freelancing by recreating and improving the end-to-end array of services that full time work provides. Currently, a career as a freelancer is primarily limited to those with pre-existing networks and support structures, which means the overall pool of high-quality talent that is available to businesses is unnecessarily limited. Today, freelancers spend at least 45% of their time trying to find new clients, managing administrative burdens and trying to upskill. Having to handle everything by oneself means that many simply cannot afford to leave the full-time corporate cushion, where working, learning and earning is handled centrally, even if they’re fed up in their job. Passionfruit radically transforms the day-to-day experience of being a freelancer. Rather than scrapping around for work, managing finances in an Excel spreadsheet and feeling isolated, specialists on Passionfruit are brought briefs tailored to their skills and interests, have oversight on their annual earnings, and are part of a tightly-knit community through a near-peer mentorship program. While the initial beachhead has been in marketing specialists, over time they will expand into adjacent disciplines to meet customer demand. Raffi Salama, co-founder at Passionfruit, says: “Instead of yet another freelancer platform that simply digitizes transactions that could and would happen without it, Passionfruit is bringing a completely new workforce to the market. Gen Z will represent 27% of the global workforce by 2025 and it has been so inspiring to see our specialists as they say goodbye to the Victorian-age structure of the 9-5, and begin a new life working on their own terms. Better still, companies love working with them this way. Smart businesses are realizing that there’s a more elastic and efficient way to manage their relationship with talent.” Issah Abdul-Moomin, co-founder at Passionfruit, added: “To date, freelancing has been the preserve of a select group of people that have access to work through private offline networks. We are here to make it viable for the masses. Of course we’re not saying that nobody will ever work full-time again, simply that there are tens of millions of young people that would prefer to run their professional lives differently. We exist to give them that choice.” Passionfruit was founded by Raffi Salama and Issah Abdul-Moomin, who met on Sir Martin Sorrell’s WPP Fellowship programme. Since then, Raffi became part of the launch team of David Beckham and Softbank’s new MLS franchise Inter Miami, while Issah became Corporate Development Director at Group M, the world’s largest media buying business. The startup has already gained hundreds of specialists and customers across the EU, UK and US. Passionfruit will use the new funding to expand its product offering, and expand its commercial reach deeper into ever-larger businesses across Europe and North America. Passionfruit is headquartered in London and has an office in Lisbon, Portugal. Adriana Vitagliano, Senior Associate at firstminute Capital, comments:  “As we look to the coming decades, corporate monogamy will no longer exist in the same way and we’re excited to see how the right platform can completely reshape the freelance economy experience. Raffi and Issah are exceptional entrepreneurs – passionate, thoughtful and incisive – and we couldn’t imagine a more perfect duo to tackle this challenge. We’re confident they’re leading the charge by democratising access to flexible autonomy for the next generation, and are thrilled to be partnering with the Passionfruit team on this journey.” Henrik Wetter Sanchez, Principal at Playfair Capital, comments: “Raffi and Issah have an uncanny ability to appear to be working in the future. Being two steps ahead in your thinking and execution is the hallmark of founders who can not just follow, but lead category-defining shifts in industries. I could not be more convinced by their vision of a freelance-led Gen Z workforce that urgently needs a demand-led digital home to work, learn and earn. I’m delighted to see Playfair tripling down in this round and continuing to build Passionfruit with this team.” ENDS About Passionfruit Passionfruit is a London-based freelancer platform startup on a mission to make independent work work for everyone. Passionfruit radically transforms the day-to-day experience of being a freelancer. Rather than scrapping around for work, managing finances in an Excel spreadsheet and feeling isolated, specialists on Passionfruit are brought briefs tailored to their skills and interests, have oversight on their annual earnings, and are part of a tightly-knit community through a near-peer mentorship program. In contrast to the low-cost freelancing models brought to market by Upwork and Fiverr, Passionfruit is leveraging automated and community-led vetting to ensure high-quality interactions and engagement for startups and enterprises using the platform, while bringing a highly skilled Gen Z audience into the world of freelance for the first time. About firstminute Capital firstminute Capital is a $315m AUM venture fund, investing in seed stage tech companies. firstminute is sector agnostic and invests across the UK, Europe and the US. Backed by over 120 unicorn founders and founded by Brent Hoberman (founder of lastminute.com, made.com, Founders Forum) and Spencer Crawley (Goldman Sachs, DMC Partners) in 2017, firstminute has invested in over 100 companies. About Playfair Capital Playfair Capital is a high-conviction pre-seed fund that invests early in just six companies a year. Playfair is sector-agnostic and invests across the UK and Europe. They’ve backed the founders of more than 60 companies since 2013, including Thought Machine, Omnipresent, Mapillary (acq. Facebook), CryptoFacilities (acq. Kraken), Trouva (acq. made.com), Orca AI, Ravelin, Sprout.ai and Vinehealth.

Playfair Capital Investments

76 Investments

Playfair Capital has made 76 investments. Their latest investment was in Passionfruit as part of their Seed VC - II on July 7, 2022.

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Playfair Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/20/2022

Seed VC - II

Passionfruit

$4.3M

No

3

7/6/2022

Seed VC - II

Cauldron

$6.6M

Yes

2

2/2/2022

Seed VC - II

Qureight

$2.03M

Yes

5

12/3/2021

Seed VC - II

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$99M

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10

12/1/2021

Seed VC

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10

Date

7/20/2022

7/6/2022

2/2/2022

12/3/2021

12/1/2021

Round

Seed VC - II

Seed VC - II

Seed VC - II

Seed VC - II

Seed VC

Company

Passionfruit

Cauldron

Qureight

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Amount

$4.3M

$6.6M

$2.03M

$99M

New?

No

Yes

Yes

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Co-Investors

Sources

3

2

5

10

10

Playfair Capital Portfolio Exits

4 Portfolio Exits

Playfair Capital has 4 portfolio exits. Their latest portfolio exit was Trouva on May 09, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/9/2022

Acquired

$99M

4

10/11/2021

Acquired

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$99M

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10

6/18/2020

Acquired

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$99M

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10

1/28/2016

Acquired

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$99M

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0

Date

5/9/2022

10/11/2021

6/18/2020

1/28/2016

Exit

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

Acquirer

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Sources

4

10

10

0

Playfair Capital Fund History

1 Fund History

Playfair Capital has 1 fund, including Playfair Capital II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/7/2019

Playfair Capital II

$32M

2

Closing Date

3/7/2019

Fund

Playfair Capital II

Fund Type

Status

Amount

$32M

Sources

2

Playfair Capital Partners & Customers

1 Partners and customers

Playfair Capital has 1 strategic partners and customers. Playfair Capital recently partnered with Cambridge Angels on July 7, 2020.

Playfair Capital Team

2 Team Members

Playfair Capital has 2 team members, including current Managing Partner, Christopher D. G. Smith.

Name

Work History

Title

Status

Federico Pirzio-Biroli

Founder

Current

Christopher D. G. Smith

Managing Partner

Current

Name

Federico Pirzio-Biroli

Christopher D. G. Smith

Work History

Title

Founder

Managing Partner

Status

Current

Current

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