Exclusive – Open Ocean, a recently established venture capital firm co-founded by the investors who closed the $1 billion sale of MySQL to Sun Microsystems, has just finalized its Fund Three with approximately $60 million (40 million euros) in capital in the first closing, TechCrunch has learned.
The fund kicks off the first widespread outreach from the former MySQL and Nokia team members to founders and startups primarily based in Europe; the focus of the new fund will be squarely on community and open source software ventures.
Open Ocean’s strategy is to start investments at approximately $1 million – with additional performance-based rounds totaling up to $8 million – usually translating to a 10-40% stake in portfolio companies. The target size for the fund is $80 million (60 million euros).
Current investments include SkySQL, WOT, MoSync and Ironstar Helsinki.
The firm is led by partners Patrik Backman, Ralf Wahlsten (who both previously worked for MySQL) and former Nokia executive Tom Henriksson, as well as Michael “Monty” Widenius, the original developer of the MySQL database and co-founder of MySQL.
Good news for the European startup ecosystem.
For your further reading pleasure:
MySQL founders invest in Swedish mobile tech startup Mobile Sorcery (Sept 2009)
Former MySQL CEO Marten Mickos Joins Benchmark As EIR (Sept 2009)
Former MySQL CEO Marten Mickos joins Index Ventures as EIR (Jan 2010)