Oxx closes €172.9M fund to back SaaS companies with “Go-To-Market Fit” products

Stockholm and London-based Oxx, a specialist investor in European B2B SaaS companies at the scale-up stage, announced on Wednesday the final close of its second fund generation at $190M (approximately €172.9M).  

Oxx has attracted new LPs to its second fund with a promise of growth equity and a significant venture-driven upside.

The firm aims to invest in companies that have reached Product-Market fit and support them in navigating the Go-to-Market fit stage to attain rapid growth. 

Oxx’s portfolio includes such successes as Funnel, Goodlord, and Gravitee, and the fund is supported by LPs such as British Patient Capital, Saminvest, KfW Capital, Argentum, Pool Re, and Coeli.

Richard Anton, General Partner of Oxx, says, “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 scale-ups during the next stage of their growth journeys. 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 stakeholders value our commitment to maintain a strong LP/GP relationship.”

Oxx: Championing its highly selective and ‘hype resistant’ approach,

Born out of a shared passion to back the next generation of SaaS leaders, Oxx was founded by Richard Anton and Mikael Johnsson in 2017. 

Oxx partners with the most promising European B2B software companies at the scale-up stage. 

Mikael Johnsson, General Partner of Oxx, says, “The SaaS industry has undergone a seismic shift over the past decades. Technological development has pushed innovation through various paradigms – from on-premise to cloud to a hybrid model. 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. Therefore, the software industry and SaaS as a business model will continue to have a foundational impact. With this fund, we are solidifying Oxx as a partner and producer of standout SaaS companies for the long term.”

As a specialist SaaS investor, Oxx provides each entrepreneur with a unique specialist expertise and network support system and a culture of unfaltering partnership and absolute conviction. 

The firm’s strategy is built around the concept of “Go-To-Market Fit”, developing a structure for thinking about how to build a repeatable, sustainable growth engine that accelerates and propels the growth of SaaS companies.

Headquartered in London and Stockholm, the firm’s funds are backed by leading investors, including British Patient Capital, Pool Re, Saminvest, KfW Capital, Argentum, OurCrowd, and a number of other institutions, family offices, and high net-worth individuals.

Johnsson adds, “The European SaaS industry has proven to deliver healthy returns that outperform other areas of the tech market. In Q3 2023, of the top 10 venture-backed exits, most were in the software industry. The European SaaS ecosystem now boasts many serial founders, and a deep engineering and tech talent pool. This, along with the still unrealised potential of digitisation across multiple industries and the foundational impact AI looks to make across industries, are reasons to believe that we are still only at the beginning of the European SaaS boom.”