New EUR 3-5 M funding for European IT startups

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European IT startups will be able to get new capital risk funds worth EUR 3-5 million through an investment fund launched the other days by entrepreneurs and investors who already had expertise in such projects as MariaDB and MySQL, with the support of the European Union.

OpenOcean, the Finnish investor in data solutions and software, has today announced a EUR 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, Elo Mutual Pension Insurance Company, 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, intelligent automation, and open source.

More details here.

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