Oxx, the focused B2B software investor, has raised $133m 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. 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, co-founder and General Partner of Oxx, said: “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. 

“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. 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, added: “As software eats the world, there can be thousands of winners. They have a fantastic defensible product that is loved by users, and have spent time fine-tuning a unique market position and a scalable go-to-market strategy. This is where Oxx comes in. 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.”

Catherine Lewis La Torre, CEO, British Patient Capital, says: “Our mission is to enable long-term investment in innovative companies across the UK, led by ambitious entrepreneurs who want to build successful world-class businesses. 

“Growth-stage funding is vital – and that’s where Oxx focuses its investment, making it well aligned with British Patient Capital’s mandate. This growth-stage focus, combined with the Oxx team’s specialist knowledge of the B2B software sector, make this an important addition to our portfolio.”