Oxx, a new European VC dedicated to SaaS, raises $133M fund

Oxx, a relatively new European venture capital firm founded by Richard Anton and Mikael Johnsson, has raised $133 million to back “Europe’s most promising SaaS companies” at Series A and beyond.

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SaaS-focussed fund

Headquartered in London and Stockholm, the VC is pitching itself as a dedicated SaaS-focussed fund, and it will invest broadly across software applications and infrastructure.
Its investment thesis highlights five key themes: “data convergence & refinery,” “future of work,” “financial services infrastructure,” “user empowerment,” and “sustainable business,” The firm also says it wants to be more a more patient form of capital than investors with a rigid Silicon Valley SaaS mindset, which, it says, often places growth ahead of building a sustainable business.

The fund counts a number of LPs such as British Patient Capital, Pool Re, and other unnamed institutions, family offices and high-net-worth individuals.

More broadly, the Oxx team believes that Europe presents a unique opportunity because of the increasing number of founders starting their second, third or even fourth B2B software business, and “an abundance of highly-skilled and relatively affordable tech talent,” coupled with lower levels of VC investment per capita. It’s this gap that the VC wants to help plug.

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“We will lead funding rounds anywhere in the range $5-20m in SaaS companies,” Oxx co-founder Richard Anton tells TechCrunch. “The companies who partner with Oxx have already started to take off and are going through a growth spurt which they want to accelerate. They have already notched up a good number of repeat customers and now it’s all about internationalising and scaling their business.”

“We invest exclusively in European B2B SaaS companies at the scale-up stage,” adds Mikael Johnsson, Oxx’s other co-founder. “Scale-up means companies that have proven product-market-fit and who can display emerging, leading indicators of business model-market fit. The companies we partner are often companies that have either bootstrapped, or taken a moderate amount of capital from friends and family, angels and local investors, or companies backed by traditional VC funding, but who raised a modest A-round and have the ambition to ramp up before a big, international B-round”.

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Oxx’s current portfolio companies

To that end, Oxx has already backed a number of European SaaS companies. They include Apica (performance monitoring for companies with complex IT infrastructures); Funnel (automated marketing performance reporting and intelligence for businesses); ThinkTank (cloud-based stakeholder engagement system for enterprises); and Zift (channel sales, marketing and operations technology).

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