London-based Tapestry VC has launched its $80m (£60.5m) Fund III to double its scale and deepen its focus on backing repeat founders across Europe and North America. At almost three times the size of the firm’s previous funds, Fund III is co-anchored by a $40m ($30.2m) commitment from new sovereign
Kirstie Pickering
London-based Tapestry VC has launched its $80m (£60.5m) Fund III to double its scale and deepen its focus on backing repeat founders across Europe and North America.
At almost three times the size of the firm’s previous funds, Fund III is co-anchored by a $40m ($30.2m) commitment from new sovereign investor British Business Bank, alongside returning institutional co-anchors Railpen and Molten Ventures. Notable tech leaders, such as OpenAI CFO Sarah Friar, are also joining the new fund.
Tapestry VC’s sector-agnostic portfolio spans software, AI, cybersecurity, fintech, autonomy and deep tech at seed and pre-seed stages. The VC specialises in working with founders before there’s even a company or formal process in place, supporting product direction, hiring and fundraising.
European tech has minted 477 unicorns over the past eight years, of which 60% have been started by a repeat founder. In Europe, repeat founders raised 45% more capital compared to first-time teams, and 75% of startups worth over $50bn (£37.8bn) globally were founded by serial entrepreneurs.
“Today’s repeat founders represent a generation shaped by expensive experience,” says Audrey Miller, partner at Tapestry VC.
“They’ve already navigated the realities of building, scaling and exiting technology companies and, second time around, they want partners who have felt the same pressures. This is what Tapestry VC brings.”
