Oxx

Richard Anton and Mikael Johnsson serve as co-founders and general partners, leading the investment committee. Both spent over a decade at Amadeus Capital Partners before launching Oxx, where they built substantial track records in European B2B software. The partnership operates with a flat structure, and investment decisions are made collectively with input from the wider investment team.

Oxx derives deal flow from its public thought leadership on SaaS metrics and enterprise software trends, combined with deep networks in the London and Stockholm technology ecosystems. The firm publishes regular research on topics like the SaaS value gap and generative AI's enterprise impact. Co-founders Anton and Johnsson also leverage relationships built over two decades of European venture investing.

Oxx targets growth-stage B2B software companies that have achieved clear product-market fit and are generating meaningful recurring revenue. This typically maps to Series B through pre-IPO rounds. The firm writes initial checks of $5 million to $20 million and reserves substantial capital for follow-on investments as portfolio companies scale.

Oxx operates as a traditional venture capital firm, raising institutional funds from limited partners rather than a single-family source of capital. Its first fund closed at $133 million in 2019, and the second at $190 million in 2022. The firm is not affiliated with any family office or single-source wealth vehicle.

Oxx invests only in B2B software companies at the growth stage, avoiding consumer internet, deep tech, hardware, and seed-stage deals. This narrow mandate is unusual in the European venture landscape, where most firms cover multiple sectors and stages. The focus creates a concentrated network of specialized co-investors, particularly US growth funds that Oxx can bring into European rounds.

Oxx actively co-invests alongside other venture and growth equity firms, and views its ability to syndicate rounds with US counterparts as a core value proposition for European portfolio companies. The firm has co-invested with both European and North American investors across its portfolio, though specific co-investor names and terms are not publicly disclosed on a deal-by-deal basis.

Oxx does not invest in consumer-focused technology, hardware, deep tech requiring long R&D cycles, or life sciences. The firm's mandate is strictly B2B software — spanning SaaS, AI/ML infrastructure, fintech, digital health, and cybersecurity — and it has publicly articulated that this single-sector focus is a deliberate strategic choice rather than a temporary fund-specific constraint.