Tapestry VC, based in London, has successfully closed an $80 million fund aimed at investing in repeat entrepreneurs, a strategy it believes leverages one of Europe’s significant long-term advantages. The firm highlights that founders launching their second or third ventures have generated over $2 trillion in enterprise value across the continent, and anticipates that the forthcoming surge in AI-driven exits will foster a new generation of seasoned entrepreneurs. Patrick Murphy, co-founder and managing partner, emphasized the emergence of a 'super cycle' of repeat founders in Europe, a trend he has returned to London to capitalize on after relocating from San Francisco.
The new fund will maintain Tapestry's investment strategy of backing approximately 30 pre-seed or seed-stage companies, but with an increased check size ranging from $1 million to $3 million. The firm is proactively engaging with experienced founders even before they embark on their next ventures, fostering collaboration and ideation without positioning itself as an incubator or accelerator.
Notable past investments include the smartphone and earbud developer Nothing, and Fin AI, an AI customer service startup recently acquired by Salesforce for $3.6 billion. The firm is also focusing on AI security, with investments in companies like Tracebit and Maze. New investors in this fund include the British Business Bank, Railpen, and Molten Ventures, with Sarah Friar, CFO of OpenAI, also joining as an investor.
The new fund will maintain Tapestry's investment strategy of backing approximately 30 pre-seed or seed-stage companies, but with an increased check size ranging from $1 million to $3 million. The firm is proactively engaging with experienced founders even before they embark on their next ventures, fostering collaboration and ideation without positioning itself as an incubator or accelerator.
Notable past investments include the smartphone and earbud developer Nothing, and Fin AI, an AI customer service startup recently acquired by Salesforce for $3.6 billion. The firm is also focusing on AI security, with investments in companies like Tracebit and Maze. New investors in this fund include the British Business Bank, Railpen, and Molten Ventures, with Sarah Friar, CFO of OpenAI, also joining as an investor.
Source: Crunchbase
