The European AI market is expanding rapidly, driven by increased adoption in healthcare, integration with emerging technologies, and access to vast data resources. However, AI adoption in Europe faces major hurdles, including regulatory challenges, trust issues, and a shortage of digital skills. In response, OpenOcean has introduced its fourth venture fund to tackle these challenges and capitalize on market opportunities.
The firm aims to raise €130 million by early 2025, with substantial commitments from Isomer Capital and KRR Fund of Funds, alongside continued support from key investors like ELO pension company and the European Investment Fund. Following its initial €100 million close in 2024, OpenOcean has already begun deploying capital, investing in startups such as Embeddable, which specializes in customer-facing analytics, and Dreamfold, an AI-driven protein search and design platform.
Driving AI Innovation with Deep Technical Expertise
Founded by Michael “Monty” Widenius, Patrik Backman, and Ralf Wahlsten—creators of MySQL and MariaDB—OpenOcean brings extensive technical expertise to venture capital. With offices in Helsinki and London, the firm specializes in data-driven B2B software that supports AI development. This aligns well with the European AI market’s projected growth, which stood at $66.4 billion in 2024 and is expected to grow at a 33.2% CAGR through 2030.
OpenOcean primarily invests in early-stage startups at Seed and Series A, offering up to €6 million per company. The firm actively tracks startups from their inception, fostering long-term relationships with founders to identify high-potential ventures. Its goal is clear: to transform European tech startups into global market leaders. Through hands-on support, OpenOcean provides strategic guidance and access to a global network of investors, corporations, and tech experts.
The firm’s portfolio includes promising startups like Binalyze, Booksy, IQM, MindsDB, Supermetrics, and Truecaller. It has also facilitated notable exits, including Truecaller’s IPO and acquisitions of LoopMe by Mayfield Equity, Passfort by Moodys, Appgyver by SAP, RapidMiner by Altair, and Strong Networks by Citrix.
Future Fund Investment Strategy Amid a Shifting Venture Landscape
OpenOcean’s focus on AI and data aligns with the European Commission’s 2030 targets, which aim for 90% of EU SMEs to achieve basic digital intensity and 75% to adopt cloud computing, AI, and big data.
“Our strategy is to support exceptional teams with deep domain expertise. We focus on companies showing early traction and delivering solutions that genuinely address industry needs,” said Patrik Backman, General Partner at OpenOcean.
General Partner Tom Henriksson added, “While the venture capital landscape shifts towards mega-funds, we see immense opportunities to back Europe’s most innovative startups. Exceptional teams with unique perspectives and inspiring leadership will shape the future of AI.”
OpenOcean’s fourth fund represents a major opportunity in European venture capital. As AI continues to transform industries, the firm’s deep technical knowledge and operational insights could prove vital in identifying the next generation of category leaders. Despite current market challenges, OpenOcean remains committed to investing in 18 to 20 high-potential startups, primarily at the seed stage.
