Tapestry VC weaves in over $30 million, adds $20 million for Amaranthine and forward investments

Now back for round two, Tapestry VC has raised $50 million and says they are free of the Web Summit "association".
Tapestry VC weaves in over $30 million, adds $20 million for Amaranthine and forward investments

Although they technically call San Francisco home, with offices in London, Lisbon, and “all over the place”, it’s hard to see Tapestry VC truly as a US-based VC firm. Particularly when you look at a portfolio that includes investments in some of Europe’s brightest stars, including ​​Hopin, Pitch, Nothing, Standard AI, Zapp, and Builder AI, the firm has announced a refilling of the tanks at $50 million. 

The firm's second iteration will hold $30 million and build upon the first funds' thesis of investing in software, fintech, and what it deems as, “select breakthrough technologies” that are headed up by technically-minded founders who’ve already been down the road once or twice and are squarely targeting building better mousetraps than the status quo.

But don’t take my word for it, of the 40 investments the firm has made in four years, more than two-thirds of these portfolio companies are founded by repeat offenders. And the results speak for themselves, 20% of these companies are currently valued at $500 million or more, and as a whole, portfolio companies have raised more than $2 billion in follow-on funding since 2018.

​​“Many of our current portfolio are tackling tech’s incumbents head-on, whether it’s Apple’s iPhone, Google’s drones, or Amazon’s infrastructure. We will continue to back founders with this level of ambition and refusal to accept the world as it stands,” explained further Tapestry VC’s co-founder Patrick Murphy. “Starting a company is the first step on a difficult journey. We are excited to partner with experienced founders and teams who want to overcome adversity and make a dent in the universe.”

Typically issuing a $1 million ticket in seed and pre-seed rounds, Tapestry’s v2 has already placed investments in carbon emissions accounting software company Sustain.Life, data stack Mozart Data, and digital health platform Mora.

“Patrick and Tapestry VC were literally the first call we made in our fundraising process,” said Annalee Bloomfield, CEO and co-founder at Sustain.Life. “We’re excited to double down on our previous experience building Jet.com in tandem with them.”

But $30 million is no $50 you say?

Well hang on a minute, because not only has Tapestry spooled up $30 million for round two, but they’ve also set aside $20 million for a rainy day. And by rainy day I mean later stage investments, i.e. follow on investments growing from the Tapestry’s v1, otherwise known as Amaranthine, as well as those that are set to blossom from v2.

Now if the name Amaranthine is ringing any bells, yes, this is the same fund that Web Summit founders Paddy Cosgrave and David Kelly launched (?) and have been butting heads over for quite some time now. Now there's one disagreement I do not want to get in the middle or even the middle of the middle of.

However, to put this all in perspective, from the bits and pieces I’ve been able to cobble together, Tapestry’s first fund, e.g. Amaranthine, was “associated with” (I’ll leave it up to the legal system to decide how to define that one) Web Summit and listed the conference as an investor. With the relationship now, umm, over, Tapestry v2, which was formerly known as Semble, reflects funds raised completely independent of the “association”. 

I'm going to need a map soon.

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