Tapestry VC Weaves $50 Million Fresh Capital Into Two New Funds

Founded by Patrick Murphy and Web Summit co-founder David Kelly, Tapestry VC targets tech founders with experience starting businesses and looking to disrupt slow moving incumbents.

Venture capital firm Tapestry has raised more than $50 million in fresh capital to support technical and returning founders in two funds.

The company has raised $31 million for its second fund of 16 investors, out of a $50 million target. Tapestry said this fund typically invests about $1 million in seed and pre-seed rounds in software, fintech and breakthrough technologies.

The VC firm has also announced a new $20 million “opportunity fund,” which it will invest in the breakout companies of its first fund, Amaranthine. It will also invest in the resources coming from its second startup fund.

Tapestry VC was founded by David Kelly, Web Summit co-founder and fund manager Patrick Murphy. The VC firm said it has made 40 investments in four years, eight of which are now valued at more than $500 million, including the virtual event platform Hopin.

The VC firm was formerly known as Semble, but was renamed this year over a dispute with Web Summit over its name, the business mail reported.

Tapestry focuses on supporting tech founders who already have experience starting businesses and who want to disrupt “slow-moving incumbents”. More than two-thirds of the company’s investments to date have been in founders who have previously built a business.

“Many of our current portfolios target the incumbent tech companies directly, whether it’s Apple’s iPhone, Google’s drones, or Amazon’s infrastructure,” Murphy said. “We will continue to support the founders with this level of ambition and refusal to accept the world as it is.”

In addition to Hopin, Tapestry’s investment portfolio includes grocery delivery company Zapp, technology brand Nothing and Irish drone delivery company Manna.

The company said that returning and experienced founders have the greatest opportunity to build leading companies because they have already seen what success looks like and learned from their mistakes.

For example, Carl Pei of Nothing was the co-founder of iconic handset maker OnePlus, while Manna is the third company of its CEO and founder Bobby Healy.

“Tapestry VC was able to have that initial confidence in us because of my existing experience,” Healy said. “They’ve helped me channel that into a new industry and Manna’s thousands of successful drone deliveries today.”

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