Richard Anton and Mikael Johnsson.
London-based software investor Oxx has closed its new fund at $190 million to invest in software-as-a-service companies in Europe.
The specialist firm focuses on SaaS start-ups in Europe and will invest in Series A and Series B rounds with investments between $7 million and $10 million.
Investors in the new fund include British Patient Capital, Saminvest, KfW Capital, Argentum, Pool Re and Coeli.
Oxx’s portfolio includes the likes of Goodlord, a software platform for landlords, and Funnel, a marketing SaaS start-up.
“We invest with evidence-based, absolute conviction in companies with strong fundamentals, where we can generate sustainable, capital efficient and consistent growth,” Richard Anton, general partner at Oxx, said.
Anton acknowledged that it is currently a “challenging market” for tech, especially for European SaaS companies where access to capital has not been as straightforward compared to their US peers.
“The trust shown by both returning and new LPs is a testament to our highly selective and hype-resistant approach resonating with the wider community and proves that our commitment to maintain a strong LP/GP relationship is valued by our stakeholders,” he said.
Anton started the firm with co-founder Mikael Johnsson.
Johnsson said that SaaS is entering a new phase after years of growth, now driven largely by AI.
“We are now at an inflection point, entering the early innings of the AI paradigm of SaaS. AI is not merely hype, it is the technological driver underpinning a structural shift and spurring another tidal wave of innovation, driving migration from incumbent legacy systems and applications,” he said.
“Therefore, the software industry and SaaS as a business model will continue to have a foundational impact in the future. With this fund, we are solidifying Oxx as a partner and producer of standout SaaS companies for the long term.”
According to the founders, Oxx plans to invest in companies with a long-term view.
“We believe the best VCs are those that are in it to create long term value, not merely ride on the coat tails of short-term momentum,” Anton said, “and the best companies will be those that prioritize pragmatism, ambition and persistence.”
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