United Kingdom · Crunchbase News
London-Based Tapestry VC Closes On $80 million Third Fund To Invest In Repeat European Founders
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London-based Tapestry VC has closed an $80 million third fund to double down on what it believes is one of Europe’s biggest long-term advantages: repeat founders.
Key facts
- Prior fund check sizes were around $1 million but checks from the new fund will trend larger, from around $1 million to $3 million, according to the firm
- The firm’s earlier bets include smartphone and earbud developer Nothing and AI customer service startup Fin AI, which was recently acquired by Salesforce 1 for $3.6 billion
- London-based Tapestry VC has closed an $80 million third fund to double down on what it believes is one of Europe’s biggest long-term advantages: repeat founders
- The firm says entrepreneurs starting their second or third companies have created more than $2 trillion in enterprise value across Europe, and expects the coming wave of AI exits to produce another
Summary
The firm says entrepreneurs starting their second or third companies have created more than $2 trillion in enterprise value across Europe, and expects the coming wave of AI exits to produce another generation of experienced founders. “There’s beginning to be this super cycle of repeat founders in Europe,” co-founder and managing partner Patrick Murphy said News. Repeat founders bring not experience, but connections and the ability to hire quickly to the table, according to Murphy. From its new fund, Tapestry plans to invest in a similar number of companies as it did with prior funds: Around 30 companies at pre-seed or seed.