Tapestry VC's $80M Fund III Backs Repeat Founders

Jan de Vries · 2026-07-01

London-based Tapestry VC has just unveiled its third fund, raising $80 million (70 million euros) to double down on what they do best: backing founders who've been around the block before. This isn't just another venture fund announcement. It's a big bet on serial entrepreneurs across Europe and North America, and the numbers are impressive. ### What Makes Fund III Different At nearly three times the size of Tapestry's previous funds, Fund III brings in some heavyweight partners. The British Business Bank is co-anchoring with $40 million (35 million euros), joining returning backers like Railpen (a $47 billion pension plan) and Molten Ventures (a $1.3 billion fund-of-funds). Even OpenAI's CFO Sarah Friar is getting involved. Patrick Murphy, Tapestry's founder, says he's been investing on both sides of the Atlantic for a decade. "The opportunity in Europe has never been clearer," he notes. "There's an entire generation of founders returning to build again with sharper instincts, deeper networks, and who share our global-from-day-one ambition." ### The Big Picture on European VC Tapestry's new fund arrives during a busy 2026 for European venture capital. Several big announcements are reshaping the early-stage landscape: - Seedcamp raised $327 million (279 million euros) for Fund VII - Transition Ventures secured $150 million (128 million euros) for Fund II - Lansdowne Partners hit $151 million (128.9 million euros) at first close - Creator Fund closed $57 million (48.8 million euros) for its European fund - Passion Capital raised $54 million (46 million euros) for its fourth Seed fund Across these selected announcements, disclosed capital totals about $1.1 billion, rising to roughly $1.2 billion when Tapestry's fund is included. ### Why Repeat Founders Matter Audrey Miller, Partner at Tapestry VC, explains the strategy simply: "Today's repeat founders represent a generation shaped by expensive experience. They've already navigated the realities of building, scaling, and exiting technology companies. Second time around, they want partners who have felt the same pressures." Since its founding in 2018, Tapestry VC has focused on early-stage investing. Their portfolio includes companies like Nothing Technology, Ladder, Fin AI, Maze AI, Sunrise Robotics, Manna Air, Relay, and Crossbeam. They specialize in working with founders even before a formal company exists, helping with product direction, hiring, and fundraising. ### The Data Backs It Up Tapestry's confidence in repeat founders isn't just gut feeling. European tech has produced 477 unicorns over the past eight years, with 60% started by serial entrepreneurs. According to Dealroom, companies built by second and third-time European founders are now worth $2.2 trillion (1.9 trillion euros) in combined enterprise value. These companies employ more than 2 million people across 23,000 organizations globally. That's up an astonishing 7 times from just 300,000 employees in 2018. Repeat founders in Europe also outperform: they raise 45% more capital than first-time teams and 23% more than the baseline. Today, 75% of startups worth over $50 billion (43 billion euros) globally were founded by serial entrepreneurs. ### What's Next for Tapestry VC The launch of Fund III comes with big changes for the firm. They're opening a flagship London office, and Patrick Murphy is relocating from San Francisco to London after a decade of transatlantic investing. All of the firm's recent serial founder bets at Seed and pre-Seed in Europe have raised Series A rounds in the hundreds of millions or fielded acquisition offers, including Sunrise Robotics, Maze AI, Tracebit, and Requesty AI. That gives the fund a perfect 100% 'graduation' rate. For investors and founders watching the European market, Tapestry's latest move signals something clear: the repeat founder flywheel is only accelerating.