Tapestry VC Launches $80M Fund III for Repeat Founders

Jan de Vries · 2026-07-01

London-based Tapestry VC just announced the launch of its third fund, Fund III, worth $80 million. That’s a big step up from their previous funds, and it shows how much they believe in backing founders who have already been through the startup grind before. ### Why This Fund Matters Fund III is almost three times larger than Tapestry’s earlier efforts. The British Business Bank is a new co-anchor, putting in $40 million. They’re joining returning partners like Railpen, a $47 billion pension plan, and Molten Ventures, a $1.3 billion fund-of-fund. Even OpenAI’s CFO, Sarah Friar, is getting involved as a limited partner. Patrick Murphy, Tapestry’s founder, puts it simply: “I’ve spent a decade investing on both sides of the Atlantic and the opportunity in Europe has never been clearer. 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 Bigger Picture for European VC This launch is part of a bigger wave. In 2026, European venture capital is buzzing with new funds focused on early-stage tech, AI, deep tech, university spinouts, and software companies. Here are some other notable funds announced recently: - Seedcamp’s $327 million Fund VII and Select fund - Transition Ventures’ $150 million Fund II - Lansdowne Partners’ $151 million first close - Creator Fund’s $57 million European fund - Passion Capital’s $54 million fourth Seed fund - Amsterdam-based DFF Ventures’ $82 million Fund III - Berlin-based Angel Invest’s $47 million Fund III - Zurich-based Herbert Ventures’ $38 million Fund I All together, these funds add up to about $1.1 billion in disclosed capital. ### What Makes Tapestry Different Audrey Miller, a partner at Tapestry, explains their edge: “Today’s repeat founders represent a generation shaped by expensive experience. They’ve already navigated the realities of building, scaling and exiting technology companies and, second time around, they want partners who have felt the same pressures. This is what Tapestry VC brings.” Founded in 2018, Tapestry focuses on early-stage investing in Europe and North America. Their portfolio includes companies like Nothing Technology, Ladder, Fin AI, Maze AI, Sunrise Robotics, Manna Air, Relay, and Crossbeam. They work with founders before there’s even a formal company, helping with product direction, hiring, and fundraising. ### The Repeat Founder Advantage Tapestry is betting big on repeat founders, and the data backs them up. European tech has created 477 unicorns in the last eight years, and 60% of them were started by serial entrepreneurs. According to Dealroom, companies built by second and third-time European founders are worth $2.2 trillion in combined enterprise value. They employ over 2 million people across 23,000 companies globally—up seven times from just 300,000 employees in 2018. Repeat founders also raise 45% more capital than first-time teams. Today, 75% of startups worth over $50 billion globally were founded by serial entrepreneurs. ### Changes at the Firm Fund III also marks a shift for Tapestry. They’re opening a flagship office in London, and Patrick Murphy is moving from San Francisco to London after a decade of cross-Atlantic investing. It’s a sign of their commitment to being closer to the European ecosystem. Their recent bets on serial founders at the seed and pre-seed stages have paid off. Companies like Sunrise Robotics, Maze AI, Tracebit, and Requesty AI have all raised Series A rounds worth over $100 million or received acquisition offers. That gives the fund a perfect 100% graduation rate so far.