Oxx raises $133m to back Europe’s most promising SaaS companies

David Prior's picture

Oxx, a VC firm headquartered in London and Stockholm, has raised $133 million to back Europe’s most promising SaaS companies.

It is looking to invest broadly across software applications and infrastructure with a focus on five key themes: data convergence & refinery, future of work, financial services infrastructure, user empowerment and sustainable business.

Fund co-founders Richard Anton and Mikael Johnsson, who have been partners for seven years, have secured backing from the likes of British Patient Capital, Pool Re, and other unnamed institutions, family offices and high-net-worth individuals.

Anton said they would be leading funding rounds in the region $5m to $20m, particularly focused on companies who "have already started to take off and are going through a growth spurt which they want to accelerate", he told TechCrunch.

He added: "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."

Oxx has already backed European SaaS start-ups Apica, Funnel, ThinkTank and Zift.