Oxx raises €122.9 million to invest in European SaaS startups

Oxx VC founders

Oxx, the B2B SaaS investor, has today announced raising €122.9 million to back Europe’s most promising SaaS companies from Series A and beyond.

Oxx invests broadly across software applications and infrastructure, with a particular interest in five key themes: data convergence & refinery, future of work, financial services infrastructure, user empowerment, and sustainable business.

Headquartered in London and Stockholm, the firm has already invested in the likes of Funnel, which automates marketing performance reporting and intelligence for businesses; Apica, a performance monitoring platform for large enterprises; and Codility, a comprehensive tech recruiting platform for hiring at scale.

Oxx wants to change the ‘growth at all costs’ mindset of B2B software investment. That’s why it encourages portfolio companies to build sustainable businesses that can retain market dominance, rather than push for an oversimplified, one-size-fits-all ‘growth at all costs’ model.

The team believe that Europe presents a unique opportunity: an 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, yet far lower levels of VC investment per capita.

Richard Anton and Mikael Johnsson have been partners for seven years and have deep knowledge and experience of Europe, and of expanding companies into the US – the world’s largest addressable software market.

The fund is backed by leading investors, including British Patient Capital and a number of institutions, family offices and high-net-worth individuals. Oxx is also proud to be backed by entrepreneurs that the team has worked with before.

Richard Anton, co-founder and General Partner of Oxx, says: “Cloud architecture and applications continue to evolve rapidly and create amazing entrepreneurial opportunities, but the way some companies are funded is unsustainable: unicorn or bust. We believe the next phase has to be different. Not all SaaS companies fit the traditional VC mould, and while we absolutely support companies to grow well, we don’t push them for growth at all costs. Oxx’s raison d’être is to make sure that companies that already have strong commercial traction are primed and ready to drive continued sustainable growth towards market dominance. In a climate of ‘growth at all costs’, this makes us contrarians; we are seeking out our founder counterparts.

“And Europe is the market to be operating in: a unique combination of entrepreneurial zeal, more and cheaper tech talent than the US, and generations of success are fast creating a world-beating software hub.”

Mikael Johnsson, co-founder and General Partner of Oxx, adds: “As a firm, our approach is to play producer, rolling up our sleeves to keep the show on the road. We help out and add value in whatever way we can, ensuring that the entrepreneurs building these businesses are the stars of the show.”

Fredrik Skantze, co-founder and CEO, Funnel, says: “The Oxx team has what every founding team needs: a strong network, specialist SaaS knowhow and, most importantly, empathy and appreciation for the journey that team is on. Mikael Johnsson has been our chairman since the early stages of building Funnel. He has been a great resource to lean on for everything from thinking through strategic questions and fundraising and to handling difficult operational issues.”

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