Tapestry VC is an early-stage venture capital firm betting on one thing: founders who have already built, scaled or exited a company once. Founded in 2018 and now anchored in London — with founder Patrick Murphy having relocated from San Francisco and opened a flagship London office — the firm backs repeat founders across Europe and North America.

In July 2026 Tapestry launched Fund III at $80 million (about €70 million), nearly three times the size of its predecessor funds. The fund is co-anchored by a $40 million (€35 million) commitment from the British Business Bank, alongside returning institutional co-anchors Railpen, the £35 billion pension plan, and Molten Ventures, a €1.1 billion fund-of-funds. Sarah Friar, CFO of OpenAI, who invested in previous Tapestry funds, is also an investor in the new vehicle.

Thesis

Tapestry's thesis is that repeat founders are one of Europe's biggest long-term advantages: it estimates entrepreneurs starting their second or third companies have created more than $2 trillion in enterprise value across Europe, and that 60% of the 477 unicorns minted in European tech over the past eight years were started by repeat founders. The firm expects the coming wave of AI exits to produce another generation of experienced founders — what Murphy calls a coming "super cycle" of repeat founding. Tapestry specialises in engaging founders before there is even a company or formal process, helping with product direction, hiring and fundraising — explicitly not an incubator or accelerator.

The people

The firm was founded by Patrick Murphy, co-founder and managing partner, who has spent a decade investing on both sides of the Atlantic. Audrey Miller serves as partner. Friar, Murphy's mentor figure, has been an investor across multiple Tapestry funds.

Portfolio

Tapestry's earlier bets include smartphone and earbud developer Nothing (backed at seed) and AI customer-service startup Fin AI, which was acquired by Salesforce for $3.6 billion. Other investments include video conferencing company Hopin, drone delivery startup Manna Air Delivery, Sunrise Robotics, and AI-security companies Tracebit, Maze and Keycard. Fund III plans to back around 30 companies at pre-seed or seed, with cheques rising from around $1 million in prior funds to $1 million–$3 million, leading or co-leading seed rounds.

The firm has not publicly disclosed a founder credits or perks programme.

Why it matters for founders

If you have already built and exited — or scaled — a technology company and are about to build again, Tapestry VC is one of the few seed funds in Europe designed specifically around you. Its willingness to engage before an idea even exists, combined with $1–3M seed cheques and deep sovereign and institutional backing, makes it an ideal first call for experienced founders assembling their next team — especially in AI and AI security.