Irish-founded venture capital company Tapestry VC has announced its third fund, raising $80 million (€70 million) to back repeat founders in Europe and North America.
Tapestry, which was started by Patrick Murphy alongside David Murphy in 2018, said the new fund is backed by previous investors such as Railpen, Molten Ventures and OpenAI’s chief financial officer Sarah Friar, with new sovereign investor British Business Bank also supporting the fund.
The latter is the co-anchor of the fund, contributing $40 million to the total.
The latest fund is almost triple the size of previous vehicles.
Murphy said Tapestry would begin making investments from the fund in the coming weeks, with about 30 companies set to benefit. That gives the fund more scope to make bigger investments.
