Fin, the AI customer service platform formerly known as Intercom, was acquired by Salesforce for about $3.6 billion on June 15. This deal highlights one of the biggest shifts in European tech: the move from traditional SaaS to AI.
Tapestry VC, which invested early in Fin, is using this exit to launch its third fund at $80 million, almost three times as large as its last. The fund is supported by British Business Bank, Railpen, Molten Ventures, and Sarah Friar, OpenAI’s chief financial officer.
With Fund III, Tapestry will make bigger investments, ranging from $1 million to $4 million, up from the previous $500,000 to $1 million. The firm also plans to take on more lead and co-lead roles.
Intercom spent 15 years as one of Europe’s best-known customer messaging tools before co-founders Eoghan McCabe and Des Traynor staked the company’s future on AI and renamed it Fin, building an agent designed to resolve customer queries end to end. Earlier this month, that wager paid off: Salesforce agreed to acquire Fin for approximately $3.6 billion, one of the largest AI customer-service deals to date.
The deal lands at a moment when the market for AI customer-service agents is one of the most contested in enterprise tech: Sierra, founded by former Salesforce co-CEO Bret Taylor, has raised at a $15.8 billion valuation, while London-based Gradient Labs and Germany’s Parloa have raised fresh rounds this year chasing the same shift away from human-staffed support desks.
