Oxx, the London and Stockholm-based B2B software investor, has closed its second fund generation at $190m (£172.9m) to further its investment goals in the European software as a service (SaaS) market.
The investor, which has backed UK software startups such as Peak, Black Swan and CyberSmart, said that its new funding will support its investment goals within the “AI paradigm of SaaS”, in which AI technologies massively overhaul the market.
“It’s a landmark moment to be investing in European software: AI and novel data technologies have created a step change in the opportunity size,” said Oxx partner Bob Thomas.
“At a moment where macroeconomic factors are leading others to pull back, we’re excited to be leaning in.”
Oxx specifically targets European SaaS firms at the scaleup stage. The firm said investors often misunderstand or overlook these companies due to concerns over the time it can take to generate profit.
“We’re building a firm for the long term,” said Oxx co-founder and general partner Mikael Johnsson.
Fellow co-founder Richard Anton added: “Since our start in 2017, we invest with evidence-based, absolute conviction companies with strong fundamentals.
“We are thrilled to have raised a fund that comfortably enables us to action this strategy in supporting European scaleups during the next stage of their growth journey.”
Oxx previously raised $133m in 2020 and $100m in 2018.
About Oxx
Oxx is a focused B2B software investor, partnering with the most promising European SaaS scale-ups from series A and beyond. The venture capital fund 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, Oxx was founded by Richard Anton and Mikael Johnsson in 2017. Both Anton and Johnsson were formerly partners at Amadeus Capital before founding Oxx. They are joined by Robert Easton, who was previously head of several Carlyle Group funds, as Senior Adviser. The fund is backed by leading investors, including British Patient Capital, Pool Re, PFR, OurCrowd and a number of other institutions, family offices and high net worth individuals. Previous Oxx companies include Forescout (NASDAQ: FSCT) which Richard invested in at Amadeus and continues to manage at Oxx; Forescout completed its IPO in October 2017.
