London based venture capitalists Passion Capital have secured £45 million in funding, including £17.5 million from the taxpayers, to start a second fund to invest in tech and digital companies. Passion, led by London’s tech queen Eileen Burbidge are well liked in the London tech scene, with a reputation for looking after those in their investment portfolio, yet taxpayers must be wondering why their money is being used to back high risk investments. Good luck finding a state-backed VC firm in Silicon Valley..

Passion Capital can’t be blamed for taking the £17.5 million from the Vince Cable’s brainchild, the British Business Bank, who wouldn’t? What Techno Guido wants to know is why the government fails to grasp that what we need to successfully grow the technology sector is big risk taking…