# UK's Tapestry VC closes a €70m (US$80m) Fund III for repeat founders, co-anchored by the state British Business Bank
> Nearly triple its prior fund; the British Business Bank commits €35m alongside Railpen and Molten Ventures; ~30 startups at US$1m to US$3m cheques

**Meta:** type: event · date: 2026-06-30 · heads: 누구의 돈인가, 장기전 · 6 takes · 4 lenses · 5 regions

## Summary

London-based [Tapestry VC](/ko/entity/dry-powder), an early backer of Nothing and Hopin, closed its third fund at €70m (about US$80m) on 30 June 2026, nearly tripling its prior €30m vehicle. The UK state-owned [British Business Bank](/ko/entity/british-business-bank) co-anchored with a €35m commitment, alongside returning LPs Railpen and Molten Ventures, with OpenAI CFO Sarah Friar among individual backers. The firm will back around 30 startups at initial cheques of US$1m to US$3m, targeting repeat founders across Europe and North America. Founder Patrick Murphy is relocating from San Francisco to open a flagship London office as part of the raise.

## The split

US venture coverage frames the fund around its repeat-founder thesis and rising cheque sizes. European outlets lead instead with the British Business Bank's anchor stake, reading state capital as decisive for a European early-stage manager closing a fund in a tight LP market. The founder's move from San Francisco to London is itself the signal: European institutional money pulling talent back across the Atlantic.

## By the numbers

- €70m (~US$80m), Fund III size.
- €30m, the prior fund, nearly tripled.
- €35m, the British Business Bank's co-anchor.
- ~30, startups targeted at US$1m to US$3m cheques.
- June 30, 2026, close.

## Why it matters

State-anchored early-stage funds are how Europe is trying to keep founders and capital at home rather than losing them to US firms. A British Business Bank cornerstone pulling a fund to nearly triple its size, and a GP relocating from San Francisco to London, is a small concrete instance of that push against the transatlantic talent drain.

## What to watch

- Whether more European early-stage GPs lean on state anchors to close funds.
- Tapestry's first Fund III deals and its London-versus-US deployment split.
- Whether the repeat-founder thesis outperforms in a tighter market.

## Regional takes (batched by bias / lens)

### US venture
- **Crunchbase News** (United States, en) — Frames the US$80m Fund III as nearly tripling the prior €30m vehicle, with ~30 startups at US$1m to US$3m cheques and a thesis of backing repeat founders across Europe and North America.
  > "Tapestry VC has closed an $80 million third fund to double down on repeat founders."
  Source: https://news.crunchbase.com/venture/80m-repeat-founders-fund-europe-na-tapestry/

### European venture
- **EU-Startups** (European Union, en) — Leads with the British Business Bank's €35m co-anchor commitment, reading state money as central to a European early-stage fund clearing its raise.
  > "Co-anchored by a €35 million commitment from British Business Bank."
  Source: https://www.eu-startups.com/2026/07/tapestry-vc-launches-e70-million-fund-iii-with-british-business-bank-as-co-anchor/

### Irish/European tech
- **Silicon Republic** (Ireland, en) — Notes OpenAI CFO Sarah Friar among individual LPs and founder Patrick Murphy relocating from San Francisco to open a London office.
  > "OpenAI's Sarah Friar among backers of Tapestry VC's new repeat-founder $80m Fund III."
  Source: https://www.siliconrepublic.com/start-ups/open-ais-sarah-friar-among-backers-of-tapestry-vcs-new-repeat-founder-80m-fund-iii

### unlabelled
- **The Irish Times** (Ireland, en) — 
  Source: https://www.irishtimes.com/business/2026/07/01/tapestry-to-run-third-investment-fund/
- **UKTN** (United Kingdom, en) — 
  Source: https://www.uktech.news/funding/tapestry-vc-launches-60m-fund-to-back-repeat-founders-20260701
- **Vestbee** (Poland, en) — 
  Source: https://www.vestbee.com/insights/articles/tapestry-vc-closes-80-m-fund

## Across the graph
- Related: [[a16z-fund-vii-2026]], [[gigascale-capital-fund-2026]]
- Entities: Dry Powder, Tapestry Vc, British Business Bank, United Kingdom

---
Canonical: https://rbtfl.xyz/ko/n/tapestry-vc-fund-iii-2026