Open Ocean Capital Holds First Close of Fund Three at €40M

Open Ocean Capital, an Espoo, Finland-based early-stage venture capital firm, has held the first close of its Fund Three at approximately $60m (€40m).

The fund will focus on European start-ups deploying user community or open source business models.

Led by Managing Partners Patrik Backman, Ralf Wahlsten and Tom Henriksson and by Michael “Monty” Widenius, the original developer of the MySQL database and co-founder of the company MySQL AB, Open Ocean initially will make $1m investments with additional performance-based rounds totaling up to $8m, usually taking a 10/40% stake in portfolio companies.

Open Ocean will also leverage its direct experience as founders of MySQL to provide hands-on support to the management of companies receiving funding.



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