Nothing-backer Tapestry VC raises $80M fund, opens London office
The backer of smartphone disruptor Nothing has raised an $80m fund, nearly three times bigger than its predecessor, as it looks to invest in repeat founders across both sides of the Atlantic, which it... Tapestry's latest fund of $80m is nearly three times the size of its predecessor. VC Fund Nothing-backer Tapestry VC raises $80M fund, opens London office Tapestry's latest fund of $80m is nearly three times the size of its predecessor.
Key Takeaways
- John Reynolds 1 hour ago Share Share Send email Copy link The backer of smartphone disruptor Nothing has raised an $80m fund, nearly three times bigger than its predecessor, as it looks to invest in repeat founders across both sides of the Atlantic, which it says are going through a boom.
Its new $80m Fund III has captured a $40m investment from new investor, the British Business Bank.
- On the challenges of raising the latest fund, Murphy pointed to repeat investors coming on board, saying "it was a pretty straightforward process".
On the increased size of the fund, Murphy said: "Ultimately, seed rounds are getting bigger.
- " He says the European repeat founder landscape is in the midst of a "super cycle", pointing to ballooning employee figures of repeat founders.
The figures show that repeat founder-led startups employ over two million people across 23,000 companies.
- "We are now focused on being here most of the time, and then helping those companies expand to the US.
" Tapestry's investment strategy is sector-agnostic spanning software, AI, cybersecurity, fintech, autonomy and deep technology at Seed and Pre-Seed stage.
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Stats & Key Facts
- #The backer of smartphone disruptor Nothing has raised an $80m fund, nearly three times bigger than its predecessor, as it looks to invest in repeat founders across both sides of the Atlantic, which it...
- #John Reynolds 1 hour ago Share Share Send email Copy link The backer of smartphone disruptor Nothing has raised an $80m fund, nearly three times bigger than its predecessor, as it looks to invest in repeat founders across both sides of the Atlantic, which it says are going through a boom.
- #Its new $80m Fund III has captured a $40m investment from new investor, the British Business Bank.
- #The figures show that repeat founder-led startups employ over two million people across 23,000 companies.
Tapestry's latest fund of $80m is nearly three times the size of its predecessor. VC Fund Nothing-backer Tapestry VC raises $80M fund, opens London office Tapestry's latest fund of $80m is nearly three times the size of its predecessor. John Reynolds 1 hour ago Share Share Send email Copy link The backer of smartphone disruptor Nothing has raised an $80m fund, nearly three times bigger than its predecessor, as it looks to invest in repeat founders across both sides of the Atlantic, which it says are going through a boom.
The London and San Francisco-based Tapestry VC , founded in 2018, typically invests in immigrant founders. Its new $80m Fund III has captured a $40m investment from new investor, the British Business Bank. Other investors in the fund include Revolut investor Molten Ventures, pension fund manager Railpen and OpenAI CFO Sarah Friar.
Friar has invested in previous Tapestry funds and is a mentor figure of Tapestry founder Patrick Murphy, who is relocating from San Francisco to London to head up the fund. Its predecessor, Fund II, was $30m in size. On the challenges of raising the latest fund, Murphy pointed to repeat investors coming on board, saying "it was a pretty straightforward process".
For more details please read the original article at Tech.eu.
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