Oxx, the London and Stockholm-based B2B software investor, has raised $190m (£150m) 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.”