Open Ocean - an entrepreneur-driven venture capital fund
Open Ocean Fund Three is an entrepreneur-driven fund that invests in early-stage companies in Europe. The fund focuses on open source and community services.
The fund's partners have an exceptionally strong expertise in the field. Monty Widenius, Patrik Backman and Ralf Wahlsten were involved in MySQL Ab, which was sold to Sun Microsystems for USD 1 billion in 2008. The fourth key owner is Tom Henriksson, who has spent many years in various leadership roles at Nokia developing and investing in new businesses. Prior to Nokia he headed Holtron Ventures, one of the first investors in MySQL.
Widenius and Backman believe that their most valuable contribution to a company is not always money, but instead expertise and experience. Development often needs to go hand-in-hand with an expansive perspective. A potential investment case should be regarded as global right from the start. Interesting software and web service ideas emerge frequently, but internationally promising success stories are rare.
“Venture capital seeks companies that have realistic potential to offer a tenfold return on the original investment,” says Backman.
The funding starts with the first round, in which Open Ocean Capital’s portfolio companies will typically receive something between a few hundred thousand and one million euros. The companies developing well will get an additional million euros or two, and those going all the way to third or fourth rounds receive up to three million euros more. New financiers usually join along the way.
Finnish Industry Investment Ltd has made a commitment of EUR 5 million to the fund and FoF Growth a commitment of EUR 10 million.