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Market-path research — 4 Sep 2026 16:55 Europe/London

Not a P move. No path named. No customer named.
Did not re-read Companies House company 16892858.
Did not repeat last recon hours as primary: Wayra (4 Sep 13:55 Market scenarios); Connect Ventures (4 Sep 12:55 Companies in the space); StepChange (4 Sep 11:55 Competitor mapping); Hoxton Ventures (4 Sep 10:55 Companies in the space); Techstars (4 Sep 09:55 Market scenarios); MMC Ventures (4 Sep 06:55 Companies in the space); ASA / CAP (4 Sep 04:55 Risk reduction); Rape Crisis England & Wales (4 Sep 03:55 Competitor mapping); LocalGlobe (4 Sep 02:55 Companies in the space); Digital Catapult (4 Sep 01:55 Market scenarios); Balderton Capital (3 Sep 19:55 Companies in the space); Tech Nation (3 Sep 18:55 Market scenarios); Creative Destruction Lab; SETsquared; Google for Startups; NatWest Accelerator; Barclays Eagle Labs; Virgin StartUp; Founders Factory; Entrepreneur First; Antler; Capital Enterprise; Seedcamp; Bethnal Green Ventures; Episode 1; Octopus; Haatch; Notion; Growth Capital Partners; SafeLives; Citizens Advice; Turn2us; LawCare; FOS; Pensions Ombudsman; Legal Choices; ACAS; Growth Hub; MentorsMe; AdviceUK; LawWorks; Law Centres; FRU; Advocate; Support Through Court; NPBC; JUSTICE; RCJ Advice; AdviceNow; ATJF; Crisis; Centrepoint; StreetLink; Shelter; Women's Aid; Refuge. Do not re-use those hosts as primary. Passion Capital was named unused preferred at Connect Ventures 12:55 (Passion Capital / Index / Atomico left unused because Connect lived) — used as primary this hour because passioncapital.com lived HTTP 200.
Previous filed hour 13:55 EXISTS (market-path-research-2026-09-04-1355.md Wayra) — not FAIL. Previous 12:55 EXISTS (Connect Ventures) — not FAIL. Previous 11:55 / 10:55 / 09:55 EXIST — not FAIL. 08:55 already skipped (no reply by 10:25) — not re-asked. 14:55 skipped (no reply by 16:25) — logged this hour; not re-asked. No 15:55 fire — noted honestly; not FAIL (Progressive-plan only). 17:15 close is later — not stolen. No 05:55 / 07:55 files — already noted; not FAIL. Hours 20:55–00:55 after Balderton already noted at 01:55 — not FAIL.
Did not unpark/install customer cut 63e813ea. Did not write kpis/p-evidence.md. Did not invent a buyer from Passion Capital portfolio / Passion Fund I–IV. Did not invent that a portfolio startup is a FYJ customer. Did not install the 12:48 productised hour-menu as a path. Did not invent numbers. Did not open 16892858. No UK Companies House company number printed on passioncapital.com pages opened this hour — CH not opened.
No Progressive-plan row for this hour → standing recon 26e4abb6. Hour label 16:55. Not a decision point (08:55/14:55 only; 14:55 window already closed).

Area: Companies in the space.
Verdict: stayed thin as a path.
P unchanged.
Primary host: Passion Capital (passioncapital.com / www.passioncapital.com → passioncapital.com) — how-founders-meet-institutional-capital (UK early-stage / operator-led seed VC; AI, FinTech & Risk). Preferred lived — no fallback needed. Index Ventures and Atomico left unused because preferred lived (Atomico returned HTTP 429 this hour).

Why this hour

Destination is the $2.5–5bn company; the first-customer cut (63e813ea) remains parked; the live middle gate is that path candidates still cannot be compiled (e834b2f2: 0 candidates, reach blocker). After 13:55 Market scenarios (Wayra), this hour rotates to Companies in the space on an unused preferred how-founders-meet-institutional-capital host left unused when Connect Ventures lived at 12:55. Preferred Passion Capital lived HTTP 200 — used as primary. 14:55 decision window skipped (no reply by 16:25); proceeded without new founder input. Hold = no invention, not no recon. Not a FYJ path. Not P.

Searched

Primary: Passion Capital (https://passioncapital.com/). Lived. Did not invent a fallback. Index Ventures (indexventures.com HTTP 200) and Atomico (atomico.com HTTP 429) left unused because preferred lived. Accel / Northzone not needed.

HTTP inventory

Passion Capital primary cluster (lived)

https://passioncapital.com/ — GET with browser-like UA → HTTP 200 size 237937 content-type text/html; charset=UTF-8. Title: Home - Passion Capital. Printed: Backing Outstanding European Founders; partnership of entrepreneurs and operators helping founders build technology companies across AI, FinTech & Risk; Portfolio / About Us / ESG & Impact / Resources / News & Views chrome; footer Office 2nd Floor, Laxmi, The Tanneries, 57 Bermondsey Street, London SE1 3XJ, United Kingdom; Email info@passioncapital.com.
https://www.passioncapital.com/ — HTTP 200 size 237937 (same cluster; resolves to passioncapital.com).
https://passioncapital.com/about/ — HTTP 200 size 207705. Title: About - Passion Capital. Printed: founder-first investor across AI, FinTech & Risk; first operator-led VC fund in Europe; Plain English term sheets; UK / Europe pre-seed; average ticket £400k–£500k; annually approximately 10 startups; 31 Exits site claim; THE TEAM on this page (Founding Partner Robert Dighero and others) — soft /team /people /our-team /who-we-are HTTP 404.
https://passioncapital.com/fund-portfolio/ — HTTP 200 size 255731. Title: Fund Portfolio - Passion Capital. Printed filter Status / Industry / Fund (Passion Fund I–IV / Passion SPV); example portfolio rows include AbraTax, Adludio, GoCardless, Lassie (individual fund-portfolio/* pages live). Soft /portfolio /companies /our-portfolio HTTP 404 size 161809.
https://passioncapital.com/esg-impact/ — HTTP 200 size 185057. Title: ESG & Impact - Passion Capital.
https://passioncapital.com/sustainability-inclusion/ — HTTP 200 size 193031. Title: Sustainability & Inclusion - Passion Capital. Soft /sustainability → same cluster HTTP 200.
https://passioncapital.com/news-views/ — HTTP 200 size 187650. Title: News & Views - Passion Capital. Soft /news → same cluster. Soft /blog HTTP 404.
https://passioncapital.com/legal/ — HTTP 200 size 168843. Title: Legal - Passion Capital. Printed: Complaints Procedure; Website & Pitching Terms & Conditions; Conflicts Of Interest Policy; PCI II MIFIDPRU 8 website disclosure remuneration; Fund Select / Key Information Document PDFs for UK and EU investors; SFDR Article 3/4/5 disclosures naming Passion Capital Investments II LLP (PCI II) as AIFM; Passion Capital IV LP article 8 SFDR-aligned fund (26 April 2024 summary). No UK Companies House company number / OC printed on the legal page this hour.
https://passioncapital.com/privacy-policy/ — HTTP 200 size 165136. Title: Privacy Policy - Passion Capital. Soft /privacy → same. Prints data controller Passion Capital Investments II LLP (ICO registration number ZA482913) or Passion Capital Investments LLP (ICO registration number ZA061454). No UK Companies House company number printed — CH not opened.
https://passioncapital.com/robots.txt — HTTP 200 size 24 text/plain. User-Agent: * / Disallow: (empty).
https://passioncapital.com/sitemap.xml — HTTP 200 size 408 text/xml (Yoast sitemap index → page-sitemap.xml).
https://passioncapital.com/page-sitemap.xml — HTTP 200 size 12784. 7 page locs this hour: / ; /fund-portfolio/ ; /esg-impact/ ; /sustainability-inclusion/ ; /legal/ ; /about/ ; /privacy-policy/.
Soft named paths HTTP 404 size 161809: /team, /portfolio, /companies, /contact, /terms, /terms-and-conditions, /cookie-policy, /cookies, /impressum, /people, /funds, /approach, /thesis, /blog, /apply, /pitch, /founders, /investors, /who-we-are, /our-team, /our-portfolio, /the-team, /contact-us, /resources, /investment-documents, /sustainability-disclosures, /pitch-us. Contact address still printed in footer on live pages (no dedicated /contact page).
Index Ventures https://indexventures.com/ / https://www.indexventures.com/ — HTTP 200 size 185821 — unused because preferred lived.
Atomico https://atomico.com/ / https://www.atomico.com/ — HTTP 429 size ~3218x — unused; preferred already lived.
Did not invent that portfolio startups are FYJ customers. Did not open 16892858. Did not invent a UK CH number from LLP names alone.

What stands

Live Passion Capital how-founders-meet-institutional-capital cluster: apex 237937; about 207705; fund-portfolio 255731; esg-impact 185057; sustainability-inclusion 193031; news-views 187650; legal 168843; privacy-policy 165136; robots 24; sitemap index 408; page-sitemap 12784 / 7 locs.
Printed office: 2nd Floor, Laxmi, The Tanneries, 57 Bermondsey Street, London SE1 3XJ, United Kingdom; info@passioncapital.com.
Privacy data controllers: Passion Capital Investments II LLP ICO ZA482913; Passion Capital Investments LLP ICO ZA061454.
Legal / SFDR chrome names Passion Capital Investments II LLP (PCI II) as AIFM; Passion Capital IV LP article 8; MIFIDPRU 8 remuneration disclosure PDF live.
Site claims: first operator-led VC fund in Europe; Plain English term sheets; UK/Europe pre-seed; average ticket £400k–£500k; ~10 new startups a year; 31 Exits.
How-founders-meet-institutional-capital lane next to Connect / Hoxton / MMC / LocalGlobe / Balderton / Octopus / Episode 1 / Haatch / Notion / Growth Capital Partners — UK early-stage operator-led seed VC, not a FYJ market path.
Preferred lived — no block on passioncapital.com, no fallback. No UK CH number printed — CH not opened.

What does not stand

No page names a FYJ customer, market, offer, or P.
A Passion Capital / UK early-stage VC homepage is not a FYJ market path.
Naming "FYJ for Passion Capital portfolio founders" or "FYJ next to Passion Fund IV" is inventing a customer — banned.
Soft /team /portfolio /contact /apply /pitch are 404 — do not invent those paths as live; team and portfolio live under /about/ and /fund-portfolio/.
Who / why / how / next all missing. Compile stays 0 (e834b2f2); the reach blocker is not closed by filing another how-founders-meet-institutional-capital VC host.

End-to-end test

Who it is for: missing.
Why they would pay: missing.
How FYJ reaches them: missing.
What sits next: missing.
No real public fact this hour filled any of the four. Do not invent the rest. Passion Capital fills a Companies in the space cell as how-founders-meet-institutional-capital context after Wayra Market scenarios. It does not fill a path cell.

Value-forming

Companies in the space now has another filed how-founders-meet-institutional-capital host next to Connect / Hoxton / MMC / LocalGlobe / Balderton. Value has not started to form as a FYJ path. A Passion Capital homepage is not who / why / how / next. Verdict: stayed thin as a path.

Result

No path named yet. Companies in the space stayed thin as a path. P unchanged.
Compile stays 0. Blocker still reach. Cut 63e813ea parked. Hermes parked. Slot unchanged. Layer unchanged (Peer toggle: Founder View ↔ Agent View).
Confirmation: Contract UUID 26e4abb6-3b66-4a66-a4f7-d4c065ad9233 is live. Hold = no invention, not no recon. Preferred Passion Capital lived. Primary host this hour: passioncapital.com (Passion Capital Investments II LLP ICO ZA482913 / Passion Capital Investments LLP ICO ZA061454; Bermondsey SE1 3XJ; no UK CH number printed — CH not opened). No path named. P unchanged. Customer cut parked.
14:55 skipped (no reply by 16:25). Proceeded without new founder input. No 15:55 fire — noted; not FAIL.

# Market-path research — 4 Sep 2026 16:55 Europe/London Not a P move. No path named. No customer named. Did not re-read Companies House company 16892858. Did not repeat last recon hours as primary: Wayra (4 Sep 13:55 Market scenarios); Connect Ventures (4 Sep 12:55 Companies in the space); StepChange (4 Sep 11:55 Competitor mapping); Hoxton Ventures (4 Sep 10:55 Companies in the space); Techstars (4 Sep 09:55 Market scenarios); MMC Ventures (4 Sep 06:55 Companies in the space); ASA / CAP (4 Sep 04:55 Risk reduction); Rape Crisis England & Wales (4 Sep 03:55 Competitor mapping); LocalGlobe (4 Sep 02:55 Companies in the space); Digital Catapult (4 Sep 01:55 Market scenarios); Balderton Capital (3 Sep 19:55 Companies in the space); Tech Nation (3 Sep 18:55 Market scenarios); Creative Destruction Lab; SETsquared; Google for Startups; NatWest Accelerator; Barclays Eagle Labs; Virgin StartUp; Founders Factory; Entrepreneur First; Antler; Capital Enterprise; Seedcamp; Bethnal Green Ventures; Episode 1; Octopus; Haatch; Notion; Growth Capital Partners; SafeLives; Citizens Advice; Turn2us; LawCare; FOS; Pensions Ombudsman; Legal Choices; ACAS; Growth Hub; MentorsMe; AdviceUK; LawWorks; Law Centres; FRU; Advocate; Support Through Court; NPBC; JUSTICE; RCJ Advice; AdviceNow; ATJF; Crisis; Centrepoint; StreetLink; Shelter; Women's Aid; Refuge. Do not re-use those hosts as primary. Passion Capital was named unused preferred at Connect Ventures 12:55 (Passion Capital / Index / Atomico left unused because Connect lived) — used as primary this hour because passioncapital.com lived HTTP 200. Previous filed hour 13:55 EXISTS (market-path-research-2026-09-04-1355.md Wayra) — not FAIL. Previous 12:55 EXISTS (Connect Ventures) — not FAIL. Previous 11:55 / 10:55 / 09:55 EXIST — not FAIL. 08:55 already skipped (no reply by 10:25) — not re-asked. 14:55 skipped (no reply by 16:25) — logged this hour; not re-asked. No 15:55 fire — noted honestly; not FAIL (Progressive-plan only). 17:15 close is later — not stolen. No 05:55 / 07:55 files — already noted; not FAIL. Hours 20:55–00:55 after Balderton already noted at 01:55 — not FAIL. Did not unpark/install customer cut 63e813ea. Did not write kpis/p-evidence.md. Did not invent a buyer from Passion Capital portfolio / Passion Fund I–IV. Did not invent that a portfolio startup is a FYJ customer. Did not install the 12:48 productised hour-menu as a path. Did not invent numbers. Did not open 16892858. No UK Companies House company number printed on passioncapital.com pages opened this hour — CH not opened. No Progressive-plan row for this hour → standing recon 26e4abb6. Hour label 16:55. Not a decision point (08:55/14:55 only; 14:55 window already closed). Area: Companies in the space. Verdict: stayed thin as a path. P unchanged. Primary host: Passion Capital (passioncapital.com / www.passioncapital.com → passioncapital.com) — how-founders-meet-institutional-capital (UK early-stage / operator-led seed VC; AI, FinTech & Risk). Preferred lived — no fallback needed. Index Ventures and Atomico left unused because preferred lived (Atomico returned HTTP 429 this hour). ## Why this hour Destination is the $2.5–5bn company; the first-customer cut (63e813ea) remains parked; the live middle gate is that path candidates still cannot be compiled (e834b2f2: 0 candidates, reach blocker). After 13:55 Market scenarios (Wayra), this hour rotates to **Companies in the space** on an unused preferred how-founders-meet-institutional-capital host left unused when Connect Ventures lived at 12:55. Preferred Passion Capital lived HTTP 200 — used as primary. 14:55 decision window skipped (no reply by 16:25); proceeded without new founder input. Hold = no invention, not no recon. Not a FYJ path. Not P. ## Searched Primary: Passion Capital (https://passioncapital.com/). Lived. Did not invent a fallback. Index Ventures (indexventures.com HTTP 200) and Atomico (atomico.com HTTP 429) left unused because preferred lived. Accel / Northzone not needed. ## HTTP inventory ### Passion Capital primary cluster (lived) - https://passioncapital.com/ — GET with browser-like UA → HTTP 200 size 237937 content-type text/html; charset=UTF-8. Title: Home - Passion Capital. Printed: Backing Outstanding European Founders; partnership of entrepreneurs and operators helping founders build technology companies across AI, FinTech & Risk; Portfolio / About Us / ESG & Impact / Resources / News & Views chrome; footer Office 2nd Floor, Laxmi, The Tanneries, 57 Bermondsey Street, London SE1 3XJ, United Kingdom; Email info@passioncapital.com. - https://www.passioncapital.com/ — HTTP 200 size 237937 (same cluster; resolves to passioncapital.com). - https://passioncapital.com/about/ — HTTP 200 size 207705. Title: About - Passion Capital. Printed: founder-first investor across AI, FinTech & Risk; first operator-led VC fund in Europe; Plain English term sheets; UK / Europe pre-seed; average ticket £400k–£500k; annually approximately 10 startups; 31 Exits site claim; THE TEAM on this page (Founding Partner Robert Dighero and others) — soft /team /people /our-team /who-we-are HTTP 404. - https://passioncapital.com/fund-portfolio/ — HTTP 200 size 255731. Title: Fund Portfolio - Passion Capital. Printed filter Status / Industry / Fund (Passion Fund I–IV / Passion SPV); example portfolio rows include AbraTax, Adludio, GoCardless, Lassie (individual fund-portfolio/* pages live). Soft /portfolio /companies /our-portfolio HTTP 404 size 161809. - https://passioncapital.com/esg-impact/ — HTTP 200 size 185057. Title: ESG & Impact - Passion Capital. - https://passioncapital.com/sustainability-inclusion/ — HTTP 200 size 193031. Title: Sustainability & Inclusion - Passion Capital. Soft /sustainability → same cluster HTTP 200. - https://passioncapital.com/news-views/ — HTTP 200 size 187650. Title: News & Views - Passion Capital. Soft /news → same cluster. Soft /blog HTTP 404. - https://passioncapital.com/legal/ — HTTP 200 size 168843. Title: Legal - Passion Capital. Printed: Complaints Procedure; Website & Pitching Terms & Conditions; Conflicts Of Interest Policy; PCI II MIFIDPRU 8 website disclosure remuneration; Fund Select / Key Information Document PDFs for UK and EU investors; SFDR Article 3/4/5 disclosures naming Passion Capital Investments II LLP (PCI II) as AIFM; Passion Capital IV LP article 8 SFDR-aligned fund (26 April 2024 summary). No UK Companies House company number / OC printed on the legal page this hour. - https://passioncapital.com/privacy-policy/ — HTTP 200 size 165136. Title: Privacy Policy - Passion Capital. Soft /privacy → same. Prints data controller Passion Capital Investments II LLP (ICO registration number ZA482913) or Passion Capital Investments LLP (ICO registration number ZA061454). No UK Companies House company number printed — CH not opened. - https://passioncapital.com/robots.txt — HTTP 200 size 24 text/plain. User-Agent: * / Disallow: (empty). - https://passioncapital.com/sitemap.xml — HTTP 200 size 408 text/xml (Yoast sitemap index → page-sitemap.xml). - https://passioncapital.com/page-sitemap.xml — HTTP 200 size 12784. **7** page locs this hour: / ; /fund-portfolio/ ; /esg-impact/ ; /sustainability-inclusion/ ; /legal/ ; /about/ ; /privacy-policy/. - Soft named paths HTTP 404 size 161809: /team, /portfolio, /companies, /contact, /terms, /terms-and-conditions, /cookie-policy, /cookies, /impressum, /people, /funds, /approach, /thesis, /blog, /apply, /pitch, /founders, /investors, /who-we-are, /our-team, /our-portfolio, /the-team, /contact-us, /resources, /investment-documents, /sustainability-disclosures, /pitch-us. Contact address still printed in footer on live pages (no dedicated /contact page). - Index Ventures https://indexventures.com/ / https://www.indexventures.com/ — HTTP 200 size 185821 — unused because preferred lived. - Atomico https://atomico.com/ / https://www.atomico.com/ — HTTP 429 size ~3218x — unused; preferred already lived. - Did not invent that portfolio startups are FYJ customers. Did not open 16892858. Did not invent a UK CH number from LLP names alone. ## What stands - Live Passion Capital how-founders-meet-institutional-capital cluster: apex 237937; about 207705; fund-portfolio 255731; esg-impact 185057; sustainability-inclusion 193031; news-views 187650; legal 168843; privacy-policy 165136; robots 24; sitemap index 408; page-sitemap 12784 / 7 locs. - Printed office: **2nd Floor, Laxmi, The Tanneries, 57 Bermondsey Street, London SE1 3XJ, United Kingdom**; info@passioncapital.com. - Privacy data controllers: **Passion Capital Investments II LLP** ICO **ZA482913**; **Passion Capital Investments LLP** ICO **ZA061454**. - Legal / SFDR chrome names Passion Capital Investments II LLP (PCI II) as AIFM; Passion Capital IV LP article 8; MIFIDPRU 8 remuneration disclosure PDF live. - Site claims: first operator-led VC fund in Europe; Plain English term sheets; UK/Europe pre-seed; average ticket £400k–£500k; ~10 new startups a year; 31 Exits. - How-founders-meet-institutional-capital lane next to Connect / Hoxton / MMC / LocalGlobe / Balderton / Octopus / Episode 1 / Haatch / Notion / Growth Capital Partners — UK early-stage operator-led seed VC, not a FYJ market path. - Preferred lived — no block on passioncapital.com, no fallback. No UK CH number printed — CH not opened. ## What does not stand - No page names a FYJ customer, market, offer, or P. - A Passion Capital / UK early-stage VC homepage is not a FYJ market path. - Naming "FYJ for Passion Capital portfolio founders" or "FYJ next to Passion Fund IV" is inventing a customer — banned. - Soft /team /portfolio /contact /apply /pitch are 404 — do not invent those paths as live; team and portfolio live under /about/ and /fund-portfolio/. - Who / why / how / next all missing. Compile stays 0 (e834b2f2); the reach blocker is not closed by filing another how-founders-meet-institutional-capital VC host. ## End-to-end test - Who it is for: missing. - Why they would pay: missing. - How FYJ reaches them: missing. - What sits next: missing. No real public fact this hour filled any of the four. Do not invent the rest. Passion Capital fills a Companies in the space cell as how-founders-meet-institutional-capital context after Wayra Market scenarios. It does not fill a path cell. ## Value-forming Companies in the space now has another filed how-founders-meet-institutional-capital host next to Connect / Hoxton / MMC / LocalGlobe / Balderton. Value has not started to form as a FYJ path. A Passion Capital homepage is not who / why / how / next. Verdict: stayed thin as a path. ## Result No path named yet. Companies in the space stayed thin as a path. P unchanged. Compile stays 0. Blocker still reach. Cut 63e813ea parked. Hermes parked. Slot unchanged. Layer unchanged (Peer toggle: Founder View ↔ Agent View). Confirmation: Contract UUID 26e4abb6-3b66-4a66-a4f7-d4c065ad9233 is live. Hold = no invention, not no recon. Preferred Passion Capital lived. Primary host this hour: passioncapital.com (Passion Capital Investments II LLP ICO ZA482913 / Passion Capital Investments LLP ICO ZA061454; Bermondsey SE1 3XJ; no UK CH number printed — CH not opened). No path named. P unchanged. Customer cut parked. 14:55 skipped (no reply by 16:25). Proceeded without new founder input. No 15:55 fire — noted; not FAIL.