OpenOcean, a pan-European venture capital firm, announced its fourth main venture fund.
The VC firm says it has already completed a €100M first close in 2024 and made its first investments in two startups –Embeddable and Dreamfold.
“Partnering with OpenOcean is a real game changer for Embeddable,” says Tom Gardiner, CEO at Embeddable. “Their deep expertise in data products perfectly complements our mission to empower companies with customisable, customer-facing analytics. OpenOcean isn’t just about capital—they bring strategic insight that will help us accelerate growth and innovate faster. I’m excited for what the future holds with them by our side.”
This new fund features increased investment from Isomer Capital and KRR Fund of Funds, as well as continued support from other backers including ELO pension company, European Investment Fund, and many more.
The fund is targeting a €130M final close in H1 of 2025.
Scaling technical, data-driven startups
The VC aims to use the funds to help scale technical, data-driven startups from Europe to global category leadership.
The fund supports visionary founders who have found initial product-market fit, no matter where they are in Europe.
By providing hands-on support, OpenOcean connects its portfolio companies to a wide network of corporations, investors, and technology leaders worldwide.
Also, OpenOcean has several notable exits in recent years including portfolio companies Truecaller (IPO), LoopMe (acquirer Mayfield Equity), Passfort (acquirer Moodys), Appgyver (acquirer SAP), RapidMiner (acquirer Altair), and Strong Networks (acquirer Citrix).
“Our strategy is centred on supporting exceptional teams with deep domain expertise,” says Patrik Backman, General Partner at OpenOcean.
“We focus on companies showing early traction and clear demand, creating easy-to-love solutions that genuinely address and anticipate industry challenges. According to Diversity VC, we are one of only 8% of VCs with UK operations who have first-hand experience founding or running startups. Technical expertise is the foundation of our philosophy, helping startups take on traditional, legacy industries with innovative, defensible products,” adds Backman.
OpenOcean’s portfolio includes a range of leading European startups such as Binalyze, Booksy, IQM, MindsDB, Supermetrics, and Truecaller.
“We are at a pivotal moment in the venture capital landscape,” says Tom Henriksson, General Partner at OpenOcean.
“While the focus narrows to mega-funds, we see an immense opportunity to support Europe’s most innovative startups. Tomorrow’s category leaders will be founded by exceptional teams with unique perspectives, deep domain expertise, and inspiring leadership,” adds Henriksson.
01
destream: Building the financial backbone of the creator economy