Jeremie Openfund II is a €11.7 million pre-seed and seed stage venture fund that has made 12 investments so far out of around 800 applications received, accepting 1.5% of startups. The portfolio companies operate in a wide range of software sectors and are at various stages of maturity, with 5/12 having a prototype, 4/12 having traction, and 2/12 having revenues already. On average, pre-seed investments are €106k and seed investments are €302k. Most founding teams have 2-3 founders, which is recommended. The portfolio has created 82 jobs so far and aims to help companies turn ideas into products and businesses that can impact millions of users.

1. George Tziralis – June 13, 2014
facts and figures

2. Whereabouts
• Jeremie Openfund II, set up in Dec 12
• initially €10m, now €11.7m
• EIF & 12 private investors

3. Strategy
• pre-seed, €50-150k
‣ build a product and some traction
• seed, €300-500k
‣ from validation to growth

4. Applications
• ~800 in total so far
• 12 investments made
• 1.5% acceptance rate

5. Maturity
• 5/12 with a prototype
• 4/12 with traction
• 2/12 with revenues
• 7/12 had none!

6. Portfolio

7. Everything software
marketplaces, saas, mobile, consumer,
enterprise, travel, recruitment,
recommendations, storage, gaming,
security, reservations, music, wearables,
retail, coupons, infrastructure…

8. Stage
• 10 pre-seed / 6 seed (incl. followups)
• avg pre-seed: €106k*
• avg seed: €302k*
* fund's participation

9. Founding teams
• 4 of a single founder
• 5 of two founders
• 3 of three founders
• recommended: two founders

10. Co-investors
• 23 co-investors in portfolio companies
• 20 angels, 3 funds
• 13 GR based

11. Employees
• 82 employees across the portfolio
• building special products
• accumulating unique experience
• having an impact on the world

12. Creating value for
• hundreds of enterprises
• thousands of clients
• millions of users

13. Mission
Complement founders with whatever
they require to turn:
• ideas into products,
• products into businesses &
• businesses into successful companies

14. Takeaways
• The world is flat; you can go a really
long way
• Ecosystem matures in all fronts; yet it
takes time
• Work hard and enjoy the ride

15. gt@theopenfund.com
Thank you
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