Open Ocean announced closing €92 million for its third investment fund, Fund 2020.

Open Ocean, a Helsinki, Finland-based venture investment company, announced a first closing of its third investment fund at €92 million ($112M).

The fund, called Fund 2020 and expected to have a final close of €130 million in 2021, is backed by LPs including European Investment Fund (EIF), Tesi, pension funds, major family offices and Oxford University’s Corpus Christi College. It aims to back series A software startups, with €3-5 million contributions, in verticals including artificial intelligence, application-driven data infrastructure, intelligent automation and open source.

In conjunction with the announcement, Ekaterina Almasque was appointed as general partner, operating from the company's London office.

Open Ocean was founded in 2008 by MySQL founder Michael “Monty” Widenius together with Tom Henriksson, Ralf Wahlsten and Patrik Backman. It closed two previous funds, the last one in 2015 at roughly €100M, from which it backed companies including Supermetrics, Verto Analytics or Unacast.