OpenOcean Targets €130m with Fourth Venture Fund
Funding | Mar 19, 2025 | Business Cloud
OpenOcean, a pan-European venture capital firm with offices in London and Helsinki, has announced the commencement of its fourth primary venture fund. The new fund sees significant backing from Isomer Capital and KRR Fund of Funds and targets a total size of €130 million, with the first close already achieving €100 million. This fund aims to support the scaling of technical, data-driven startups across Europe towards achieving global market leadership. OpenOcean focuses particularly on early-stage investments in business software that fosters AI innovation and has already invested in companies like Embeddable and Dreamfold. The fund also benefits from ongoing support from backers like ELO pension company and the European Investment Fund. OpenOcean boasts a track record of successful exits, including companies like Truecaller, LoopMe, and Passfort. OpenOcean partners such as general partner and co-founder Patrik Backman emphasize their strategic expertise in supporting startups with domain expertise and solutions addressing genuine industry challenges, particularly in traditional industries with innovative products.
Sectors
- Venture Capital
- Technology and Software
- Artificial Intelligence
Geography
- Europe – OpenOcean operates across Europe and targets data-driven startups on the continent to scale them to global leadership.
- United Kingdom – OpenOcean has operations in London and some of their investments, like Embeddable, are based in the UK.
- Finland – OpenOcean has offices in Helsinki, Finland, marking its significant presence in the region.
Industry
- Venture Capital – OpenOcean is establishing a new venture fund to invest in early-stage startups, a typical activity within the venture capital industry.
- Technology and Software – The fund targets investments in companies involved in technical and data-driven developments, especially in business software and AI innovation.
- Artificial Intelligence – OpenOcean's investment strategy includes a strong focus on startups that drive AI innovation.
Financials
- €130 million – Target size for OpenOcean's fourth venture fund.
- €100 million – First close of the venture fund achieved in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| OpenOcean | Venture Capital Firm | Company | A pan-European venture capital firm that focuses on early-stage investments in data-driven and AI-innovative businesses. |
| Isomer Capital | Investor | Company | A venture capital fund of funds providing significant backing for OpenOcean's new venture fund. |
| KRR Fund of Funds | Investor | Company | Co-investor along with Isomer Capital for OpenOcean's fourth venture fund. |
| Embeddable | Portfolio Company | Company | A startup focused on customer-facing analytics solutions, representing one of OpenOcean's first investments from the new fund. |
| Dreamfold | Portfolio Company | Company | A startup that has received investment from OpenOcean's new venture fund. |
| ELO Pension Company | Investor | Company | A backer of OpenOcean, providing continuous financial support for their investment strategies. |
| European Investment Fund | Investor | Company | An integral backer of OpenOcean's fund, supporting venture capital investments in Europe. |
| Patrik Backman | General Partner, Co-Founder | Person | Co-Founder and General Partner at OpenOcean, providing strategic insight for startup investments. |
| Tom Gardiner | CEO | Person | CEO of Embeddable, highlighting the strategic partnership's impact for the startup. |