British Patient Capital Commits £25m to Oxx Fund I*
11 February, London: British Patient Capital, a commercial subsidiary of the British Business Bank, has provided a £25m cornerstone commitment to Oxx Fund 1, as the Fund closes at £63.3m.
The Fund will focus on the most promising SaaS companies across the UK and Europe, from Series A and beyond. Oxx invests broadly across software applications and infrastructure, with a focus on five key themes: data convergence and refinery, future of work, financial services infrastructure, user empowerment and sustainable business.
Richard Anton, Co-Founder and General Partner of Oxx, said: “Oxx’s raison d’être is to make sure companies that already have strong commercial traction are primed and ready to drive continued sustainable growth towards market dominance. And Europe is the market to be operating in – its combination of entrepreneurial zeal, strong talent base and generations of success are fast creating a world-beating software hub.”
Mikael Johnsson, Co-Founder and General Partner of Oxx, said: “Future winners can be identified now. They have an A-grade founding team with deep understanding of the customer problem they’re solving. They have a fantastic defensible product that is loved by users. And they have spent the time fine-tuning a unique market proposition and a scalable go-to market strategy. Having been able to establish market leadership within a niche or certain geography, they are now ready to prove themselves at scale.”
Catherine Lewis La Torre, CEO, British Patient Capital, said: “Our mission is to enable long-term investment in innovative companies across the UK, led by ambitious entrepreneurs who want to build successful world-class businesses. The UK provides a fertile ground for innovation to thrive, but a lack of access to patient capital has held back too many companies from scaling up and fulfilling their commercial potential.
“Growth-stage funding is vital and that’s where Oxx focuses its investment, making it well aligned with British Patient Capital’s mandate. This growth-stage focus, combined with the Oxx team’s specialist knowledge of the B2B software sector, make this an important addition to our portfolio.”
*Oxx is announcing that it has raised $133m today. This was raised across several vehicles. BPC has provided a £25m cornerstone commitment to a particular vehicle that closed at £63.3m
About British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of the British Business Bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses.
British Patient Capital manages a £2.5bn investment fund designed to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The investment from British Patient Capital into Oxx Fund I does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank PLC, or the government of the UK.
Oxx invests growth capital in European B2B scaleup stage SaaS (Software-as-a-Service) companies with strong commercial traction. With team members in London and Stockholm, Richard Anton and Mikael Johnsson launched Oxx after departing Amadeus Capital in 2017. They are joined by Robert Easton, who was previously head of several Carlyle Group funds, as Senior Adviser. Previous Oxx companies include Forescout (NASDAQ: FSCT), which Richard invested in at Amadeus and continues to manage at Oxx. ForeScout completed its IPO in October 2017.
Oxx’s current portfolio companies are:
ApicaLink opens in a new window – Performance monitoring for companies with complex IT infrastructures
FunnelLink opens in a new window – Automated performance reporting and intelligence for businesses
ThinkTankLink opens in a new window – Cloud-based stakeholder engagement system for enterprises
ZiftLink opens in a new window – Channel sales, marketing and operations technology
British Patient Capital