During these difficult days for the European construction with the real risk of an exit of Greece from the Euro area, nicknamed “Grexit”, we want to highlight the work of OpenFund, an Athens-based early stage venture capital firm focused on creating a national ecosystem of startups capable of address global markets.
Created in the framework of the European initiative Jeremie and led by partners Aristos Doxiadis, Nikko Frangos, Georgios Kasselakis, Constantine Pateras, George Tziralis, and associate Vanessa Zdravou, OpenFund backs software, mobile and web companies registered and operating in Greece but addressing international markets.
The firm invests a minimum of €50k in the pre-seed stage while valuation is calculated based on the past performance and the future potential of the business in the seed stage. Even though it does not work as an incubator, OpenFund also provides access to such services as space, legal, accounting and others.
The firm recently completed a small capital increase to its current fund, Jeremie Openfund II, augmenting the total amount under management from €11.7m to €15.1m. Since 2013, OpenFund has backed approx. 25 companies with the aim of reaching 30 investments by end of 2015.