The European AI sector is surging, driven by advancements in healthcare, integration with emerging technologies, and access to vast data resources. However, challenges like regulatory hurdles, trust issues, and a widening digital skills gap continue to hinder AI adoption. To bridge this gap and capitalize on opportunities, OpenOcean has launched its fourth venture fund.
Aiming for €130M to Propel AI Innovation
OpenOcean’s latest fund targets a final close of €130 million by early 2025. The firm has secured increased backing from Isomer Capital and KRR Fund of Funds while maintaining strong support from existing investors such as the ELO pension company and the European Investment Fund.
Having reached its first €100 million close in 2024, OpenOcean is already deploying capital into high-potential startups. Two notable investments include Embeddable, a company specializing in customer-facing analytics, and Dreamfold, an AI-powered protein search and design platform.
OpenOcean: Transforming European Startups into Global Leaders
Founded by tech pioneers Michael “Monty” Widenius, Patrik Backman, and Ralf Wahlsten—the minds behind MySQL and MariaDB—OpenOcean brings deep technical expertise to venture capital. This background is a rare asset, given that only 8% of European general partners (GPs) have prior founder experience.
With headquarters in Helsinki and London, OpenOcean focuses on data-driven B2B software that accelerates AI development. As Europe’s AI market was valued at $66.4 billion in 2024 and is projected to grow at a 33.2% CAGR from 2025 to 2030, the firm’s strategic investment approach aligns with market momentum.
Strategic Investments in Early-Stage AI Startups
Specializing in early-stage funding, OpenOcean primarily invests in Seed and Series A rounds, offering up to €6 million per company. The firm closely tracks startups from their initial stages, fostering strong relationships with founders and taking a pan-European approach to venture selection.
Through hands-on support, OpenOcean helps startups refine product-market fit while providing access to an expansive network of corporations, investors, and AI technology experts. The firm’s portfolio includes standout startups like Binalyze, Booksy, IQM, MindsDB, Supermetrics, and Truecaller. Successful exits include Truecaller’s IPO and major acquisitions, such as LoopMe by Mayfield Equity, Passfort by Moodys, Appgyver by SAP, RapidMiner by Altair, and Strong Networks by Citrix.
Fueling AI Growth Amid Market Challenges
OpenOcean’s investment strategy aligns with the European Commission’s 2030 goals, which aim to have 90% of EU SMEs achieve basic digital adoption and 75% integrating cloud computing, AI, and big data technologies.
“Our focus is on supporting visionary teams with deep industry expertise. We invest in companies that show early traction and clear market demand, offering solutions that effectively anticipate industry needs,” said Patrik Backman, General Partner at OpenOcean.
Tom Henriksson, another General Partner, highlighted the firm’s role in a changing venture capital landscape: “While the industry shifts towards mega-funds, we see a massive opportunity to back Europe’s most innovative startups. The future category leaders will emerge from exceptional teams with unique insights and strong leadership.”
OpenOcean’s Vision for the Future
With AI reshaping industries, OpenOcean’s technical know-how and operational experience position the firm as a key player in identifying and scaling Europe’s next generation of tech leaders. Despite economic challenges, the fourth fund aims to invest in 18 to 20 startups, primarily at the seed stage, ensuring that the European AI ecosystem continues to thrive.
For more startup news, click here.
