Open Ocean Capital, founded by some of the individuals that invested into MySQL before it was later sold to Sun MIcrosystems, has raised its third fund – Fund Three. The amount was reached in the first closing. Open Ocean Capital looks to use the funds to invest into startups in “Europe and beyond”, pretty much meaning there is no geographical restrictions on those who can apply.
“With top level experience from product-, community-, and business development during the MySQL story, we are excited to offer start-up teams the funding and advice they need for embarking on a similar journey” said Patrik Backman, Opean Ocean Managing Partner. “While we continue to focus primarily on European start-ups deploying community and open-source business models, we’re open to hearing from all disruptive companies that are interested in changing the world.”
According to the press release, we are living exciting times for open-source communities. Private investments in American open-source-software related vendors last year increased 18% from 2009 to $466 million. Overall, the venture capital market saw a 14% increase in funding and a 13% increase in deals from 2009, making open-source related vendors a more attractive target for investments than the market on average.
Open Ocean takes a very hands on approach to investing and tries to offer as much valuable information to the startups they invest into as possible. Their strategy is to start investments from approximately $1 million with additional performance based rounds up to $8 million, usually taking a 10 to 40% stake of the companies invested.
Open Oceal Capital is headquartered and run from Espoo, Finland.