In conversation with Oxx co-founders Richard & Mikael
When Richard Anton and Mikael Johnsson co-founded Oxx in 2017, they did so with a combined 30+ years of experience in investing. They had worked together throughout the years in various capacities, and in setting up Oxx, their mission was clear: to build something lasting. In an industry where success can be fleeting and firms often rise and fall with market trends, they wanted to establish a boutique firm with staying power—one defined by its long-term vision and dedication to building partnerships.
In the beginning of 2025, we are two funds in and excited to reveal our new visual identity, created to embody who we at Oxx are as a firm. In entering this new era of Oxx, what better time to catch up with our founders and look back at how Oxx came to be, and look at how we are building it for the future?
“We always knew we wanted to create something different. Our goal was to build a firm that wasn’t just about capital. We wanted to work with founders who were building businesses with a lasting impact, and we knew we had the expertise to help them achieve that.”
Richard Anton, Co-founder & General Partner
Why They Founded Oxx
Oxx was born out of a desire to build something meaningful in a sector too often driven by short-term gains. “After years of investing in software companies, we realised we could do it better,” Mikael reflects. “There was a gap between what founders needed to scale and what many investors were offering. We wanted to be partners that founders could trust—not just to provide capital, but to help them grow their businesses sustainably. It was about building something that would last beyond us—a firm that stands for integrity, partnership, and long-term growth.”
We are of the belief that building a long-term, sustainable SaaS business requires a solid foundation and a capital-efficient approach to growth. All too often, companies secure funding and spend it all with a “growth at all costs” mindset. While this sometimes turns out well, more often this strategy first leads to an immense growth, only to see companies quickly flame out when the need to course-correct hits. Throwing money at the problem isn’t a sustainable strategy to build long term success, and, despite this, it’s the route many founders take.
Richard and Mikael wanted Oxx to represent the kind of partner who would guide founders toward the path that would take them and their companies to long-term success, and make a lasting mark. Perhaps this would mean fewer quick wins, but when someone looks back at this time, in this industry, in the future, Oxx companies would be the ones with staying power. A smart, capital-efficient approach founded on deep due diligence is a throughline in all our investments.
Their decision to focus on Europe was also driven by a belief in the region’s untapped potential. While American companies have dominated headlines since the software boom began, Richard and Mikael saw just as much talent in Europe but felt that European entrepreneurs hadn’t always been given the right conditions to thrive. “There’s so much talent here, especially in software,” Richard says. “We wanted to show that European companies could compete globally, and that’s been a driving force behind Oxx since day one.”
Their Approach to Founders
Richard and Mikael’s philosophy of working with founders is shaped by their years of experience and of working at larger firms. As highlighted above, “scaling a business is about more than just rapid growth,” Mikael says. “It’s about making tough decisions, knowing when to pivot, and surrounding yourself with the right team at the right time.” Getting all of this right isn’t easy, and our focus is on stepping in to actively be a partner to the founding and executive team. Mikael and Richard have both served as Chairman of companies in our portfolio, and we actively help with recruiting board members and chairs that will be suitable to the company’s stage and growth journey.
For Richard, it’s about building relationships that endure. “We see our role as partners,” he explains. “It’s not just about writing a cheque and stepping away. We’re here to support founders at every stage of their journey, whether it’s solving operational challenges or making strategic decisions about international expansion.” Both Richard and Mikael themselves, and the other investors in the team, have regular check ins with founders – both formally in person or over zoom, and informally by sharing quick messages on Whatsapp.
Of course, this approach means that each founder gets a lot of time with the team, which informs how they chose to set up Oxx. To provide the level of partnership we promise each founder, we maintain a tight portfolio. We’re very selective about who we work with, both in terms of the product and the problem they’re solving – “we partner with founders who are solving real problems and have the vision and perseverance to build something that lasts” – but also in terms of a cultural fit and being aligned on the company’s future. We often invest in founders that have some ‘battle-scars’, who have – to some extent – been on a founding or growth journey before. We find that there is usually alignment in approach between their way of building a business and us as an active investor.
“We partner with founders who are solving real problems and have the vision and perseverance to build something that lasts.”
Mikael Johnsson, Co-Founder & General Partner
So, while the idea is never to take Oxx front and centre, we take a very hands-on role in supporting our portfolio companies behind the scenes, and know from experience that the founders we work with – and who want to work with us – value the knowledge, experience and expertise we share.
The Future of SaaS and Technology: True value beyond the hype cycle
We are, and always will remain, “SaaS geeks”. Oxx is deeply focused on how technology will shape the future of industries, a focus that stems from the shared passion Richard and Mikael had when founding the firm, and that is shared by the team they’ve assembled since. “SaaS isn’t just a business model—it’s a platform for innovation,” Richard says. “The companies we work with aren’t just selling software; they’re creating the future of how industries operate.”
Software has been through a number of innovation cycles already, and it is no doubt that one of the most significant trends in tech today is the intersection of Artificial Intelligence and SaaS. “AI is already changing how businesses run, but we’re just scratching the surface beyond the hype-cycle started two years ago with the release of ChatGPT” Mikael says. “The potential for AI to revolutionise SaaS is enormous, and we’re excited to work with founders who see that potential and are ready to push the boundaries of what’s possible.”
Oxx’s co-founders both believe the next decade will bring even more opportunities for SaaS companies to drive transformation across industries—from cybersecurity to automation powered by AI. “It’s not just about keeping up with trends,” Richard says. “It’s about understanding how these technologies can deliver real value and reshape entire markets.”
Building the Oxx Team and Culture
Building a firm that is set to last requires assembling a strong team. This is something Richard and Mikael understood early on. “The team is everything,” says Mikael. “At Oxx, we’ve set a high bar not just for talent but for culture. It’s not just about hiring smart people—it’s about hiring people who believe in Oxx’s mission and are committed to building something great together.”
Richard adds, “We’ve been deliberate in fostering a diverse and inclusive culture. Diversity isn’t just the right thing to do—it leads to better outcomes. When you bring different perspectives into a room, it challenges assumptions and pushes everyone to be better.”
The Oxx team spans multiple professional backgrounds and cultures, which brings fresh perspectives to every investment decision. This helps avoid groupthink and allows Oxx to approach situations with depth as well as conviction. “Everyone is encouraged to share their thoughts, and partners speak last in group discussions to ensure unbiased contributions,” Richard explains. “That enables us to invest with confidence in the companies we believe in.”
Despite being based in different locations—London and Stockholm—Oxx operates as one cohesive unit. The investment team collaborates on projects with team members from both offices, and the operations team functions split their time between the offices. “We’re one team,” Mikael says. “Whether you’re in Stockholm or London, we work as a single firm.”
Looking Ahead: The Long Game
When asked about the future of Oxx, Richard and Mikael emphasise the same theme: this is a long game. Over the past seven years, we have raised two funds and are well on our way to deploying the second of them, and we’re also seeing some exits on the horizon. We have built up a robust operations function and are excited to follow the progress made every week. While not all of these achievements are as splashy as a new brand reveal, each of these factors into the ultimate goal: building Oxx to stand the test of time.
“We’re building something that will last,” Richard says. “We’re here to form long-lasting partnerships with founders, and to create a firm known for its integrity, excellence, and impact on the companies we work with.”
Mikael adds, “We’ve always been about the long haul. Whether it’s the relationships we build with founders or the way we engage with our LPs, the goal has always been to create something enduring that delivers real value over time.”
