Oxx, the investment firm focusing on B2B companies from the UK, the Nordics, and Israel, has raised $133 million to invest venture capital in SaaS companies, from the point of Series A onward.

Founded by Richard Anton and Mikael Johnsson, the firm focuses on five main themes: data convergence and refinery, the future of work, financial services infrastructure, user empowerment, and sustainable business.

The emphasis on sustainable business — not to be confused with sustainability is an attempt to leave behind the “growth at all costs” mentality that has dominated B2B software investment for the past several years. Oxx would rather its partners develop a business that can retain market dominance over time, rather than push for rapid scaling.

“Oxx’s raison d’être is to make sure that companies that already have strong commercial traction are primed and ready to drive continued sustainable growth towards market dominance. In a climate of ‘growth at all costs,’ this makes us contrarians; we are seeking out our founder counterparts,” explained Anton.

He added, “Europe is the market to be operating in: a unique combination of entrepreneurial zeal, more and cheaper tech talent than the US, and generations of success are fast creating a world-beating software hub.”

The fund is backed by British Patient Capital and other undisclosed institutions, family offices and individuals. Portfolio companies include Funnel, Apica, ThinkTank, and Zift, and the firm recently led Codility’s Series A round.

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