Wed Aug 3 2022 - 09:25
Tapestry, which was started by Web Summit cofounder David Kelly and fund manager Patrick Murphy, said it had raised $31 million for its second fund from 16 investors, out of a target of $50 million. The fund is expected to make investments of up to $1 million in seed and pre-seed rounds, targeting software, fintech and breakthrough technologies.
“The Opportunity Fund really came together over the last six months. Our investors wanted to get more exposure to some of the great companies in our first fund,” said Mr Murphy. “We worked with them to put together this vehicle that will invest in seven to 10 of the top companies that have come out of our first and second funds. We’re excited to deploy that now into a world where that capital will be really well used by a lot of those companies.