Oxx has raised $190 million to invest in European B2B software-as-a-service (SaaS) companies at the scale-up stage.
The company aims to support companies with strong fundamentals that can generate sustainable, capital efficient and consistent growth, Richard Anton, co-founder and general partner at Oxx, said in a Wednesday (Nov. 29) blog post.
“In this challenging market, we are thrilled to have raised a fund that comfortably enables us to action this strategy in supporting promising European scaleups during the next stage of their growth journeys,” Anton said.
This new fundraise comes at a time when artificial intelligence (AI)-driven SaaS is set to shape the future of business and technology, with AI transforming how software is built and used across industries, according to the blog post.
In this environment, as companies reevaluate their existing systems and look to migrate to new ones, there is growing opportunity for SaaS providers who can offer and monetize AI-powered solutions, the post said.
In Europe in particular, there is increased digitization, talent mobility and availability of technical education clusters, per the post.
Oxx aims to provide support and growth capital to European SaaS scaleups as they experiment, adapt and find product-market fit, according to the blog post.
The firm plans to continue taking an active role in the success of these companies, sharing its knowledge with its portfolio companies and providing them with access to its network of specialist advisors, the post said.
With the experience Oxx’s founders have had with investing in SaaS development, the firm is ready to deliver valuable insights, Mikael Johnsson, co-founder and general partner at Oxx, said in the post.
“Ultimately it also makes us uniquely placed to identify key investment opportunities and shepherd them to success as the European SaaS scene is entering a new era,” Johnsson said.
In one investment made earlier this year, Oxx led a $15 million Series B round for CyberSmart, a provider of cybersecurity solutions for small and medium-sized businesses (SMBs). The company said at the time that CyberSmart will use the new capital to expand its business internationally and build out its cyber insurance offering.
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