Sweden-rooted VC firm Oxx raises $190M fund to propel European B2B SaaS scaleups into AI-driven future
Oxx, the European VC firm rooted in Stockholm and London, announces its closure of a $190 million fund dedicated to propelling B2B SaaS scaleups across Europe into the AI-driven future. With a 40% surge from their last fund, this milestone underscores investor confidence in Oxx’s strategy. Doubling their team and welcoming new partners and principals, the firm’s focus remains on the often overlooked scaleup stage, supporting companies finding their Product-Market fit. Oxx’s commitment goes beyond funding, emphasizing active involvement, industry expertise sharing, and fostering a broad network for their portfolio. This second fund generation aligns with Europe’s burgeoning SaaS landscape, betting on AI’s transformative potential, signaling a collaborative future with the next generation of EU SaaS pioneers.
“Since our start in 2017, we invest with evidence-based, absolute conviction in companies with strong fundamentals, where we can generate sustainable, capital efficient and consistent growth. In this challenging market, we are thrilled to have raised a fund that comfortably enables us to action this strategy in supporting promising European scaleups during the next stage of their growth journeys,” says Richard Anton, co-founder and General Partner.
The latest fundraise, in a challenging market climate, underscores investors’ trust in Oxx’s strategic vision. The company’s growth is not only evident in capital but also in team expansion, doubling its personnel. Partners Bob Thomas and Phil Edmondson-Jones, along with Principal Ingrid Bonde Åkerlind, have joined the team, reflecting Oxx’s commitment to long-term development and expertise diversification.
“We are building a firm for the long term. With Richard and I having invested through every cycle of SaaS development, we are leveraging this experience with building a team consisting of exceptional talent from various investment and operational backgrounds. This team building strategy enables us to gain valuable insights, capture multiple perspectives and ensure team consistency. Ultimately it also makes us uniquely placed to identify key investment opportunities and shepherd them to success as the European SaaS scene is entering a new era,” says Mikael Johnsson, co-founder and General Partner.
This era is the new age of AI, or as we refer to it, the AI paradigm of SaaS. It is our firm belief that AI is the driving force behind a transformative shift in how software is built and used; it’s not just a buzzword or hype. The advent of AI is unleashing a tidal wave of innovation that’s transforming industries across the board, compelling organisations to reevaluate their existing systems. As organisations migrate from legacy systems, there’s a growing market for SaaS providers who can offer and monetise AI-powered solutions.