The backer of smartphone disruptor Nothing has raised an $80m fund, nearly three times bigger than its predecessor, as it looks to invest in repeat founders across both sides of the Atlantic, which it says are enjoying a boom.
The London and San Francisco-based Tapestry VC, founded in 2018, typically invests in immigrant founders.
Its new $80m Fund III has drawn in a $40m investment from new investor, the British Business Bank. Other investors in the fund include Revolut investor Molten Ventures, pension fund manager Ralipen and OpenAI CFO Sarah Friar.
Friar has invested in previous Tapestry funds and is a mentor figure of Tapestry founder Patrick Murphy, who is relocating from San Francisco to London to head up the fund.
Its predecessor, Fund II, was $30m in size. On the challenges of raising the latest fund, Murphy pointed to repeat investors coming on board, saying “it was a pretty straightforward process”.
