Tapestry VC has closed an $80 million fund aimed at backing European repeat founders, who have generated over $2 trillion in value. The firm plans to invest in 30 companies at pre-seed or seed stages with increased check sizes ranging from $1 million to $3 million.
Tapestry VC has successfully closed its third fund, totaling $80 million, emphasizing a strategy centered on nurturing repeat founders in Europe. The firm identifies repeat entrepreneurs as a significant resource, having generated over $2 trillion in enterprise value.
The fund aims to support roughly 30 companies at the pre-seed or seed stages, similar to past strategies. Notably, this new fund will allocate larger investments, ranging from $1 million to $3 million per startup, compared to the previous average of $1 million.
By targeting previously successful founders before they initiate new ventures, Tapestry VC seeks to capitalize on their experience and networks. Co-founder Patrick Murphy highlights the benefits of these relationships, which include faster hiring and established connections.
Tapestry VC's portfolio includes significant investments in technology sectors such as smartphone developer Nothing and AI startup Fin AI, recently acquired by Salesforce for $3.6 billion. Other sectors of focus include drone delivery and AI security.
This fund has attracted investments from notable entities such as the British Business Bank, pension fund Railpen, and Molten Ventures. Additionally, Sarah Friar, CFO at OpenAI, has also committed to this fund, contributing to its innovative approach.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
Tapestry VC has closed an $80 million fund aimed at backing European repeat founders, who have generated over $2 trillion in value. The firm plans to invest in 30 companies at pre-seed or seed stages with increased check sizes ranging from $1 million to $3 million.