London and Helsinki-based VC firm OpenOcean has closed its €100 million fourth fund to support early-stage AI, data, and software development startups across Europe. The firm aims for a €130 million final close in H1 2025, as Vestbee was informed.
- Founded in 2009 by Michael Widenius, Patrik Backman, and Ralf Wahlsten, OpenOcean is an early-stage venture capital firm investing in AI-driven, data-focused B2B software across Europe.
- The firm backs startups at seed and Series A, and its portfolio includes Binalyze, Booksy, IQM, MindsDB, Supermetrics, and Truecaller.
- The fresh fund plans to support early-stage AI, data, and software startups across Europe, with investments of up to €6 million. Moreover, the fund provides ongoing strategic support to its portfolio companies, granting them access to its international network of corporations, investors, and leaders in the global technology ecosystem.
- OpenOcean's fourth fund has already invested in two companies, including:
- Embeddable, a London-based startup that enables the rapid creation of custom analytics solutions. The firm has raised €6 million in a seed funding round to expand its team.
- Dreamfold, a biotech startup that has secured $6 million to pioneer AI-powered protein discovery for life-saving medicines.
"Partnering with OpenOcean is a real game changer for 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," CEO at Embeddable, Tom Gardiner, commented in a press release.
- The fund received increased support from Isomer Capital and KRR Fund of Funds and continued backing from other investors, including ELO Pension Company and the European Investment Fund.
“We are at a pivotal moment in the venture capital landscape. 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,”explains Tom Henriksson, General Partner at OpenOcean.
