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November 30, 2023

Unleashing the European SaaS Boom: Oxx Closes $190M Fund to Fuel Scale-Ups

Breaking through the tech market with undeniable flair, the European SaaS industry has emerged as a powerhouse

The European SaaS landscape is proving to be a robust force, boasting top-notch returns that outshine other sectors in the tech market. Q3 2023 witnessed the software industry dominating the charts, securing most of the top 10 venture-backed exits. The untapped potential of digitization across diverse industries and the transformative power of AI indicate that Europe is standing on the cusp of a SaaS revolution. Recent funding rounds for French SaaS platform Vizcab and London's Outverse underscore this momentum.

In the heart of this thriving ecosystem, Oxx, a London- and Stockholm-based venture capital firm specializing in European B2B SaaS companies, has successfully concluded its second fund generation, raising an impressive $190 million. With a strategic focus on companies reaching Product-Market fit, Oxx plays a crucial role in propelling them through the pivotal Go-to-Market fit stage, fostering explosive growth.

Supported by notable Limited Partners (LPs) including British Patient Capital, Saminvest, KfW Capital, Argentum, Pool Re, and Coeli, Oxx is uniquely positioned to champion European scale-ups. The firm's emphasis on the often misunderstood and overlooked scale-up stage aligns with its mission to identify profound SaaS companies and guide them towards success.

Founded by Richard Anton and Mikael Johnsson, Oxx boasts a seasoned team with diverse investing and operational backgrounds. Their portfolio showcases impactful startups like Funnel, Goodlord, Latana, Gravitee, and Black Swan Data.

Richard Anton, General Partner of Oxx, expressed enthusiasm, stating, "We invest with evidence-based, absolute conviction in companies with strong fundamentals, where we can generate sustainable, capital-efficient, and consistent growth." The closing of the fund reflects Oxx's commitment to supporting promising European scale-ups amid market challenges.

Mikael Johnsson, General Partner of Oxx, emphasized the pivotal role of AI in the SaaS landscape, noting, "We are now at an inflection point, entering the early innings of the AI paradigm of SaaS." As AI continues to drive innovation, Oxx solidifies its position as a long-term partner and producer of standout SaaS companies with the latest fund, poised to shape the future of the software industry.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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