OpenOcean Sets Sights on €130M Fund to Support Europe's AI-Driven Startups

Europe continues to experience a significant rise in artificial intelligence adoption, driven by the expansion of healthcare applications, the rise of big data, and the integration of AI with emerging technologies. However, the region still faces several structural challenges, including regulatory complexity, limited trust in AI systems, and a shortage of digital skills. In response, OpenOcean has launched its fourth venture capital fund, aiming to bridge these gaps while supporting the continent’s early-stage AI companies.

Targeting a final close of €130 million by early 2025, OpenOcean has already secured increased capital commitments from investors such as Isomer Capital and KRR Fund of Funds, alongside continued support from backers like ELO pension company and the European Investment Fund. After achieving its first close at €100 million in 2024, the fund has started deploying capital, with two initial investments made in Embeddable, a startup developing customer-facing analytics, and Dreamfold, a company building an AI-powered platform for protein search and design.

Founded by Michael “Monty” Widenius, Patrik Backman, and Ralf Wahlsten, known for their work on MySQL and MariaDB, OpenOcean brings extensive technical experience to the venture capital space. This background distinguishes the firm in a European market where only 8% of general partners have a founder track record. Operating from offices in Helsinki and London, the firm focuses on data-intensive B2B software that underpins AI development — an area with increasing relevance across industries.

The firm targets early-stage investments, mainly in Seed and Series A rounds, with capital commitments of up to €6 million per company. Its strategy involves long-term engagement with startup teams from their formative stages, emphasizing a pan-European approach to scouting and supporting promising ventures. According to Patrik Backman, the firm’s investment thesis centers on “supporting exceptional teams with deep domain expertise” and backing companies that deliver solutions with clear demand and early traction.

Tom Henriksson, General Partner at OpenOcean, noted that the venture capital landscape is undergoing a significant shift. He emphasized that while large-scale funds dominate the headlines, there remains strong potential in identifying Europe’s most innovative teams. In his words, “Exceptional teams with unique perspectives, deep domain expertise, and inspiring leadership will find tomorrow’s category leaders.”

OpenOcean's current portfolio includes startups such as Binalyze, Booksy, IQM, MindsDB, Supermetrics, and Truecaller, as well as several successful exits, including Truecaller’s IPO and the acquisitions of LoopMe by Mayfield Equity, Passfort by Moody’s, Appgyver by SAP, RapidMiner by Altair, and Strong Networks by Citrix.

With EU policy aiming for 75% of SMEs to adopt cloud computing, AI, and big data technologies by 2030, OpenOcean aligns its investment strategy with broader European digital transformation goals. The fourth fund is expected to support 18 to 20 companies, focusing on those with strong technical capabilities and the potential to scale globally.