OpenOcean has announced its fourth main venture fund which features increased investment from Isomer Capital and KRR Fund of Funds.
The Pan-European venture capital firm, which has offices in London and Helsinki, will use the investment to help scale technical, data-driven startups around Europe to global category leadership.
It has already completed a €100m first close in 2024 and made its first investments in startups Embeddable and Dreamfold.
The fund also received continued support from backers including ELO pension company and European Investment Fund among others, as it targets a €130m final close in H1 of 2025.
OpenOcean, which specialises in early-stage investments in business software that drive AI innovation, has already celebrated several notable exits in recent years, including portfolio companies Truecaller, LoopMe and Passfort.
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The fund’s first investment – London-based customer-facing analytics startup Embeddable – represents its focus on startups that address developers in the enterprise using better data solutions in today’s market.
“Partnering with OpenOcean is a real game changer for Embeddable,” said 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.”
Patrik Backman, general partner and co-founder at OpenOcean, added: “Our strategy is centred on supporting exceptional teams with deep domain expertise.
“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.