OpenOcean, an investor in data solutions and software, has announced a €92M raise for its third main venture fund.
The new fund will look to invest in Europe’s most exciting and disruptive data businesses that are resolving digitalisation bottlenecks and building the future data economy.
LPs in the new fund include European Investment Fund, Tesi, Fund of Fund Growth (pension funds), further institutions, major family offices, and Oxford University’s Corpus Christi College.
Fund 2020 is OpenOcean’s third main institutional fund, following €45M and €80M funds in 2011 and 2015 respectively. A final close of €130M is targeted for H1 2021.
The fund will invest primarily at the Series A level with initial investments of €3M to €5M, across OpenOcean’s core target areas of artificial intelligence, application-driven data infrastructure, intelligentautomation, and open source.
Ekaterina Almasque, General Partner at OpenOcean, comments: “The next five years will be critical for digital infrastructure, as breakthrough technologies are currently being constrained by the capabilities of the stack. Enabling this next level of infrastructure innovation is crucial to realising digitisation projects across the economy and will determine what the internet of the future looks like. We’re excited by the potential of world-leading businesses being built across Europe and are looking forward to supporting the next generation of software leaders.”