Tapestry VC raises $50m to fund early-stage and growth-stage companies – The Irish Times

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Venture capital firm Tapestry has raised $50m (€49.1m) in new funding to support its seed investments and a new growth fund to support technical and recurring founders.

Tapestry, which was launched by Web Summit co-founder David Kelly and fund manager Patrick Murphy, said it raised $31 million for its second fund from 16 investors, out of a target of $50 million. The fund is expected to invest up to $1 million in seed and pre-seed rounds, targeting software, fintech and cutting-edge technologies.

The company, which counts virtual events company Hopin, grocery delivery company Zapp and tech brand Nothing among its investments, announced the second closing of its Fund II and said it would invest $20 million into his Opportunity fund for follow-on investment in companies. he has previously supported through Amaranthine Fund I and its new seed fund.

“The Opportunity Fund has really come together over the past six months. Our investors wanted to get more exposure to some of the big companies in our first fund,” Murphy said. “We’ve worked with them to set up this vehicle which will invest in seven to ten of the best companies from our first and second funds. We’re excited to deploy this now in a world where this capital will be put to really good use by a lot of people. of these companies.

The company has already made 40 investments in four years and targets regular founders who have experience building a business. Eight of the investments are valued at more than $500 million and his portfolio has raised more than $2 billion in follow-on funding since 2018.

“We’re really excited about this, I think it’s really good progress for such a young fund. I think our investors have been impressed with this, and especially now that we’ve been able to raise this new fund at this time in so does the world,” Murphy said. “I think it really shows that what we’ve been doing for the past few years, our investors really appreciate and the company founders really appreciate.

So far this year, it has invested in Jet.com founder Mike Hanrahan’s carbon emissions accounting software company, Sustain.Life, modern data stack Mozart Data and digital health platform More.

Tapestry backers include Molten Ventures and Nextdoor CEO Sarah Friar. “Tapestry’s performance to date places it at the top of the European-focused seed fund tier,” said Jonathan Sibilia, Partner at Molten Ventures. “They’ve created an incredible portfolio in a short time, and we’re excited to continue our partnership.”

Tapestry was rebranded as Seem earlier this year amid a dispute over rights to the name.

Mr. Murphy and Mr. Kelly are currently in arbitration in the United States with Web Summit co-founder Paddy Cosgrave through holding company Manders Terrace. The legal row began after Mr Kelly and Mr Murphy announced last year that they were diversifying into a new $50 million fund independent of Web Summit, which invested $2 million in Amaranthine Fund I A US judge ruled against Mr Cosgrave in January, requiring him to enter private arbitration in the dispute.

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