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  • Writer's pictureOxx

Announcing our second fund generation: Oxx has raised $190m to support European B2B SaaS scaleups


The Software as a Service (SaaS) industry is not just an exciting place to invest; it's a realm of relentless innovation and growth. Over the past decades, the enterprise software landscape has undergone a profound transformation, evolving from on-premise solutions to cloud-based services, and now we are on the inflection point of AI-driven SaaS. This seismic shift isn't just a passing trend; it represents a fundamental change that's set to shape the future of business and technology. It is to this backdrop that we are thrilled to announce that we have raised $190m to continue our mission to help European scaleups unlock and navigate the scale-up stage and achieve explosive growth.

“Since our start in 2017, 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 scaleups during the next stage of their growth journeys,” says Richard Anton, co-founder and General Partner.

Not only are we proud to announce our new fund generation at a time when the fundraising climate is challenging, this fund generation also represents a 40% increase since our last announcement. The trust imbued in us by both long standing and new investors is a testament to the work we are doing and the direction we are taking Oxx – both in terms of investments made and building a team for the future. Since our last announcement, the full team has doubled, Bob Thomas and Phil Edmondson-Jones have become Partners and Ingrid Bonde Åkerlind has become a Principal.

“We are building a firm for the long term. With Richard and I having invested through every cycle of SaaS development, we are leveraging this experience with building a team consisting of exceptional talent from various investment and operational backgrounds. This team building strategy enables us to gain valuable insights, capture multiple perspectives and ensure team consistency. Ultimately it also makes us uniquely placed to identify key investment opportunities and shepherd them to success as the European SaaS scene is entering a new era,” says Mikael Johnsson, co-founder and General Partner.

This era is the new age of AI, or as we refer to it, the AI paradigm of SaaS. It is our firm belief that AI is the driving force behind a transformative shift in how software is built and used; it’s not just a buzzword or hype. The advent of AI is unleashing a tidal wave of innovation that's transforming industries across the board, compelling organisations to reevaluate their existing systems. As organisations migrate from legacy systems, there's a growing market for SaaS providers who can offer and monetise AI-powered solutions.


At the same time, the European tech landscape is rapidly solidifying as a vibrant and promising investment destination in the SaaS sector on the back of megatrends such as increased digitisation, talent mobility and rise of technical education clusters. We are seeing a growing pool of serial founders and a rich talent pool of engineers and tech professionals across Europe. As of Q3 2023, the majority of exits in Europe were from the software industry.

“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. At a moment where macroeconomic factors are leading others to pull back, we're excited to be leaning in. I'm happy to be joining the partnership, and to partner with the next generation of EU SaaS founders,” says Bob Thomas, Partner.

Oxx’s specific focus is on backing European SaaS companies at the scale-up stage. This is a particular area where there is a great opportunity, but one that we find is often misunderstood and overlooked by other investors. We recognise that many SaaS companies building profound and sophisticated products don’t come flying out of the gates commercially, but instead spend a period experimenting and adapting as they take the time to find Product-Market fit. Though once Product-Market fit is found, they can achieve the same rapid acceleration as companies that have had a faster route to Product-Market fit. What companies at this stage need to achieve this acceleration in growth is the right support and the required growth capital. However, in Europe access to capital for these businesses is not at the same level as in the US, which presents a great opportunity.


Finding promising companies at the scaleup stage and helping them realise their potential is what drives us. In this second generation of Oxx funds, we will continue to invest in European companies with exceptional founders and ideas that will make a difference, and we will do so in the Oxx way:


  • With absolute conviction and as main stakeholders, actively taking a role in the success of our companies.

  • By sharing our deep knowledge and expertise for the benefit of our portfolio companies and the wider SaaS community

  • Through providing unfettered access to our wide network of specialist advisors, helping companies unlock the knots on the journey to growth.


We look forward to partnering with the next generation of European SaaS founders, and can’t wait to see what the future holds.



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