London-based Tapestry VC has closed its third fund at $80 million, doubling down on repeat European founders. The firm believes entrepreneurs launching their second or third ventures represent Europe's biggest long-term advantage, having already created over $2 trillion in enterprise value. Co-founder Patrick Murphy recently moved back to London, where the firm opened a new flagship office.

Murphy notes that repeat founders bring experience, networks, and hiring speed to new ventures. Tapestry plans to back roughly 30 companies at pre-seed and seed stages, with check sizes ranging from $1 million to $3 million—larger than previous funds. The team actively engages potential founders before they even decide on their next move, offering ideation support without taking equity.

Notable portfolio companies include Nothing, the smartphone and earbud developer, and Fin AI, which sold to Salesforce for $3.6 billion. Tapestry also backs drone delivery startup Manna Air Delivery and Sunrise Robotics. The firm is increasing focus on AI security investments, including Tracebit, Maze, and Keycard.

New limited partners include British Business Bank, pension fund Railpen, and Molten Ventures. OpenAI CFO Sarah Friar has also invested in the fund. Murphy emphasizes that supporting boutique seed environments encourages founders to pursue innovative, unconventional businesses.