Investor type Venture Capital
Founders Michael Widenius Patrik Backman Ralf Wahlsten


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This summary is composed by our algorithm based on the analysis of the deals. If you think that some of this information is not accurate, please let us know about it and provide any supporting evidences if possible. Such cases will be analyzed by our ML-algorithm and implemented in our database, which will improve this summary.
Total investments 70
Average round size
The average size of a deal this fund participated in
Portfolio companies 39
Rounds per year 5.38
Lead investments 19
Follow on index
How often the fund supports its portfolio startups at next rounds
Exits 3
Key employees 7
Stages of investment
Early Stage Venture

Areas of investment

  • Software
  • Big Data
  • Analytics
  • SaaS
  • Information Technology

OpenOcean appeared to be the VC, which was created in 2011. The leading representative office of defined VC is situated in the Helsinki. The company was established in Europe in Finland.

When the investment is from OpenOcean the average startup value is 100-500 millions dollars. Comparing to the other companies, this OpenOcean performs on 25 percentage points less the average number of lead investments. The usual things for fund are deals in the range of 5 - 10 millions dollars. The top activity for fund was in 2014. The higher amount of exits for fund were in 2019. The fund is constantly included in 2-6 deals per year. The real fund results show that this VC is 15 percentage points more often commits exit comparing to other companies.

The fund was created by Patrik Backman. Besides them, we counted 10 critical employees of this fund in our database.

The typical case for the fund is to invest in rounds with 3-4 participants. Despite the OpenOcean, startups are often financed by Wellington Partners, Piton Capital, Louis Monier. The meaningful sponsors for the fund in investment in the same round are Tesi, Wellington Partners, Earlybird Venture Capital. In the next rounds fund is usually obtained by Tesi, Wellington Partners, Piton Capital.

We can highlight the next thriving fund investment areas, such as Mobile, SaaS. Among the various public portfolio startups of the fund, we may underline Booksy, MariaDB Corporation, Oppex For fund there is no match between the country of its foundation and the country of its the most frequent investments - United States. The fund has no specific favorite in a number of founders of portfolio startups. When startup sums 5+ of the founder, the probability for it to get the investment is little. Besides, a startup requires to be at the age of 4-5 years to receive the investment from the fund.

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Related Funds

Funds investing in previous rounds
These funds often invest in the rounds preceeding the rounds of OpenOcean:
Typical Co-investors
OpenOcean is more likely to invest in rounds together with the following funds:
Funds investing in following rounds
These funds have a tendency to invest in the following rounds after OpenOcean:

Funds with similar focus

Funds from Finland
Funds with similar focus located in Finland:
Funds with the same geo focus
Funds with similar geography of portfolio companies:
Funds doing lead investments
Funds with similar focus acting as lead investors:

Notable deals

CompanyIndustryRound SizeDateInvestorsLocation


$72M03 May 2022 Vilnius, Vilnius County, Lithuania


Document Management
Industrial Manufacturing
Software Engineering
$11M10 Jan 2022 Augsburg, Bavaria, Germany


Artificial Intelligence
Business Intelligence
Enterprise Software
Machine Learning
$3M16 Dec 2021 Espoo, Southern Finland, Finland


Health Care
Information Technology
$10M01 Dec 2021 San Diego, California, United States


Developer Platform
Developer Tools
Mobile Apps
$60M23 Nov 2021 Budapest, Hungary


Developer Platform
Developer Tools
Mobile Apps
$60M15 Nov 2021 Budapest, Hungary


Enterprise Software
Machine Learning
Open Source
Predictive Analytics
$6M01 Nov 2021 Berkeley, California, United States


Financial Services
Identity Management
$16M14 Sep 2021 London, England, United Kingdom


Information Technology
$9M22 Jul 2021 Germany, Hesse, Germany
PassFort Secures $16.2M in Series A Funding

– PassFort is a London, UK-based SaaS RegTech platform.
– The company raised 16.2m USD in Series A funding.
– The round was led by Level Equity, with participation from existing investors OpenOcean, Episode 1 and Entrepreneur First. $4.89m worth of venture debt was also provided by Shard Credit Partners.
– The new investment will be used to expand the company’s global growth plans.

Cambri Raises €3.6M in Series A Funding

– Cambri, a Helsinki, Finland-based market research automation and SaaS startup that accelerates product and concept testing of consumer brands, raised €3.6M in Series A funding.
– The round was led by OpenOcean and Spintop Ventures.
– The company intends to use the funds to continue to expand operations and its business reach.


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