Despite interest in understanding the role passion plays in investor decision making, little is known about the conditions under which perceived passion is likely to play a significant role in the funding decision process. We first establish a relationship between perceived passion and evaluations of funding potential, then use affective reactivity as a theoretical framework to explore how several individual characteristics of angel investors impact the relationship between perceived passion and evaluations of funding potential. The results indicate that the relationship is stronger for angel investors who are older, more intuitive, have a high openness personality, or those who are motivated to mentor. Surprisingly, the relationship weakens for angels who are extraverted and those who have a promotion-dominated regulatory focus. ► We examine what factors impact whether passion leads to higher evaluations of funding potential. ► We establish a relationship between perceived passion and evaluations of funding potential. ► Age, cognitive style, openness personality, and motivation to mentor act as positive moderators. ► Extraverted and promotion dominated regulatory focus angels are less influenced by passion.