New Call For Proposals is Open – Apply by October 31

Jeremie Openfund II is now again accepting applications. If you want to apply, please submit your application online by 12pm EET on October 31. Teams that submit early have an advantage, as we have more time to read their applications. Results should be out by November 30. All applications shall receive extended feedback.

We are looking for entrepreneurial teams based in Greece, with innovative ideas for software products that target big, international markets. Indicatively, we start with offering €50k for 10% of equity participation, on top of our continued commitment to provide support on all things startup.

We look forward to work with ambitious founders, enabling them to turn their ideas to valuable products, revenue-generating businesses and successful companies. Should you have any further questions, do not hesitate to contact us.


Apply to work for a Jeremie Openfund II portfolio company

Jeremie Openfund II portfolio companies are growing fast, constantly looking for world class talent to hire and partner with. They are creating jobs that offer intellectual challenge, great career potential and exposure to high quality work practices.

Working for a startup is a career choice one can greatly benefit from. It can provide for a unique learning experience, contributing valuable insights for starting your own company, or accumulating knowledge that will prove immensely useful in other walks of life.

If you’d like to work for a startup, check out our applications page. Current openings include generic Software Development, Business, Design and Marketing positions. Jeremie Openfund II portfolio founders keep an eye on applications submitted to pick outstanding individuals for new hires they wish to make. We wish you the best of luck!


Longaccess receives investment, builds a digital archive solution for the long-term future

Longaccess becomes the fifth portfolio company of Jeremie Openfund II. The company, founded by Panayotis Vryonis, received a €110k investment, led by Jeremie Openfund II.

The company’s mission is to safeguard and preserve personal digital archives for the long term future. The concept is to “store and forget”, while preserving data access in a quite novel way. We are quite enthusiastic about the potential of such an offering.

A talented team of three is already working on the product, with its launch expected during autumn. In the meanwhile, you may take a closer look at the company’s mission and subscribe to get its updates.


Dopios goes global to become the third step in your travel experience

Dopios (“local” in Greek), a community marketplace bringing locals and travellers together, expands its operations in a number of international destinations, along with announcing a seed investment by Jeremie Openfund II.

The company envisions to become the third step when making a trip; after booking a flight and a place to stay, it helps you find a local to connect who can show you around.

Dopios provides locals with an opportunity to meet new people and share the enthusiasm for the place they live, while making some money. At the same time, travellers get the unique chance to be treated like friends and experience a destination the way locals do.

Hundreds of experiences are already available in a dozen of destinations across Greece, next to Istanbul and San Francisco. Today, more international destinations open up, including London, Berlin, Barcelona and Buenos Aires, while locals are welcome to unlock their own city at Dopios.

Comprised of a well-rounded and committed team, going after a growing market opportunity, the company raised a seed investment round of €120,000 by Jeremie Openfund II.


Imagga raises $260k in new funds & Openfund makes its first exit

When we first met the Imagga founders, we knew there was something great going on. No matter the small team, the imaging technology the company possessed was already on par with many international efforts.

In 2010, shortly after the conclusion of the selection process, Openfund I’s executive board offered to invest in the company. The flagship product at the time was Stockpodium, but over time it quickly became apparent that a big part of the promise was the SaaS B2B business.

A couple of years afterwards, amid growing revenues and market traction, investor interest was originated about the company. We, having made a conscious decision to focus on the Openfund II, decided to take a step back and allow the company to simplify its holding structure.

Georgi Kadrev, the CEO, said:

“Openfund served us as the first people visionary enough to believe and invest in us, two years before seed funding went ‘mainstream’ on the Balkans. They exited the company to make our life simpler, when a new investor wanted to step in. However, we still feel them as friends and perceive them as one of the most knowledgeable guys about seed-funding in the region”.

You may read Imagga’s detailed blog post here.

We remain excited about Imagga’s future and we will be very happy to watch the founders become a role model for entrepreneurs in the region. At the same time, this marks the fund’s first divestment. Up to now we had significant up rounds, but never an exit before. We believe this small realization is another indication of the fund’s promise towards the future.


New CFP is open – apply by May 31

Four months after Openfund II’s launch and three investments later (with another three pending announcement), we launch today our new call for proposals.

Entrepreneurs are welcome to submit their ideas by filling out the form by May 31. All submissions, regardless of getting selected or not, shall receive our extended reviews and feedback by June 15.

As you are well aware, we are looking for entrepreneurial teams based in Greece, with innovative ideas for software products that target big, international markets. Indicatively, we offer €50k for 10% of equity participation, on top of our continued commitment to provide support on all things an entrepreneur might wish for.

We look forward to work with ambitious entrepreneurs, turning their ideas to valuable products and successful companies. Should you have any further questions, do not hesitate to contact us.


Building a Marketplace Business

Marketplaces stand as a frequent topic across our startup ecosystem. They also are a topic we have some exposure and experience at, if limited. Hereby I will attempt to share a part of such understanding, addressing some misconceptions I often get to encounter.

First, a short and pretty rough definition. A marketplace is a business connecting sellers with buyers, thus enabling transactions between them. Such a connection might be hard or impossible to get facilitated otherwise, or the marketplace might provide for choice and efficiency that was not otherwise available.

A prerequisite for the efficient operation of a marketplace is providing a sufficient quantity of both supply and demand. The classic chicken-and-egg problem suggests that creating a marketplace business is similar to building two companies at the same time, thus double effort and quadrupled risk.

It indeed is tough. But there are some tips of the trade that actually render the above path feasible, and I’ll try to provide such below.

a) Get the structure right

Before you start building demand, or supply, you need to make some bold decisions on how to structure the marketplace. What information to collect from and provide for each participant, what kind of choices to enable, what participants to let early in, what kind of requirements to enforce, etc.

A very deep understanding of the drivers for both ends of the marketplace is essential as a prerequisite. If that’s in place, you should work to come up with a small number of transparent and easily comprehensible rules, and then remain consistent in their application across time.

b) Build some supply

Start from supply first. Do whatever it takes to bring in the minimum number of suppliers, who will suffice to make the proposition of the markeplace clear. Be selective on who you let in; be aware that early suppliers very much shape the community that a marketplace eventually is, along with the experience and quality of provided services.

Keep in mind however that building supply is the easy part. At the end of the day, providers will be interested in a new source of revenue and you will be judged on keeping your promise to deliver on such. So, don’t get carried away by any quick wins and great volumes on this front; it’s better to keep supply limited and make your early suppliers happy, as oppossed to a growing number of eventually uninterested providers.

c) Focus on demand

If you have got the rules right and some supply is in place, you only need to focus on building and growing demand. Bring some demand and, quite magically, you will discover that supply takes care of itself and can grow organically from now on.

So, demand is the fight of all fights. And, do not expect the outcome to be encouraging very fast; there are neither shortcuts, nor easy wins. Be prepared for the worst and start pursuing every possible way of bringing a few customers in. Your ultimate target is to end up with an experience so uniquely appealing that your early adopters would very much love to talk about and spread your word.

Do not bother about volume, but rather about learning what works and what does not at first. Such experience is what really matters, and it typically does not get accumulated the easy way. You need to hit the road, talk with prospect clients, drive them in and get your hands dirty in various unscalable ways, before you end up with a proper recipe. Since you get there, the play is yours; you can now automate and scale up the recipe’s execution.

I hope the above are of value as a rough guide to anyone building or considering a marketplace business and we very much look forward to a fruitful public discourse on the subject.


Locish launches to provide custom tips on the go

Locish, a mobile application enabling custom tip requests to get answered by locals within minutes, is now available for both iOS and Android devices. Essentially a marketplace between advice seekers and local providers, Locish serves on demand, near real time recommendations in a fashion that has not been accomplished before.

Currently featuring more than 200 locals across Athens, the application appeals to travellers looking for suggestions on sightseeing, food, leisure and other activities, from a local they can trust. Sophisticated AI algorithms secure high profile matching, while tips are currently priced at 1 euro, with Locish receiving a small fee.

The company, founded by Gregory Zontanos & Alex Christodoulou, is the third to join the Openfund II portfolio. The initial 60.000 euro investment will equip Locish to demonstrate its core value proposition and build early traction in Athens and other destinations.

“Openfund was our favourite option for seed funding, and, guess what, we were theirs, too”, Zontanos shared. “We are super happy about this partnership and we look forward to taking advantage of Openfund’s resources in materialising our ambitious vision”, he continued.

Georgios Kasselakis, partner, stated: “30% out of one billion travellers globally are already using their smartphones to obtain travel information, most of them from antiquated, if not questionable, sources. Locish is on a mission to turn locals’ insights into common knowledge for them, and we believe they can make it.”


Workable raises €600,000 to change online hiring for SMEs

Workable is strengthening its position as Europe’s leading contender in the fast-growing hiring tools market with a fresh investment round of €600,000 led by Jeremie Openfund II. A cloud-based applicant tracking software, Workable is a new way to collect, review and hire people that buries the resume in favour of candidates’ online profiles.

Workable enables employers to look at candidates in the full context of their online presence. “We pull together context from candidates’ social media footprint, information about past employers, education and skills and deliver it in a form that’s easy to review and decide on,” says Workable’s CEO, Nikos Moraitakis. “It’s no longer about the impression the candidate wants to make with their resume, it’s about the information the company needs to make the right hiring choice.”

Business to Business (B2B) Software as a Service (SaaS) is growing and companies are switching to cloud software for hiring. Applicant tracking systems are the interface they use to manage everything from sourcing, job adverts, candidate screening, testing, internal workflow and collaboration. Candidate information and interaction is moving online.

“As a team of product designers and developers, discovering Workable was a magical day for us. Not only is this product beautifully designed, the effort that has gone into crafting such a great user experience really shines through. It has streamlined our hiring process, improved our ability to screen candidates, and kept feedback and hiring status altogether. The most exciting thing? It’s just the beginning of what’s possible with this product… We can’t wait.” says Sam Mathews, CEO of Neverbland and a noted authority on business software design.

“Cloud players with a fresh approach will contest a multi-billion euro space,” says George Tziralis, partner at Jeremie Openfund II, an Athens-based seed fund for technology companies, like Workable, that serve the global market. “An innovative European contender for this space is both welcome and overdue.”

The United States’ nearly 6 million small to medium-size enterprises (SMEs) have already spurred the creation of SaaS ventures including JobVite, SmartRecruiters and The Resumator. While Workable is already competing for American clients with these firms, it also has a 24 million SME market in its own backyard, the European Union.

It’s time to move on from the car crash of PDF resumes and long mail threads. Workable recognizes that the people you want to hire have structured, honest, readable profiles on Linkedin and other professional networks. It’s an applicant management, screening and collaboration tool designed for a world of contextual candidate profiles, natural workflow and online communication between the candidate and the hiring team that you may actually want to use.


Incrediblue Sets Sail to Reshape Sea Tourism

Two months after its beta launch, incrediblue, a booking service connecting yacht and sailboat owners with sea lovers around the globe, announces today its official release and a €100k seed round by Jeremie Openfund II.

Currently listing 200 boats in 35 locations, with fees ranging from €25 to €1.000 per person per day, incrediblue’s unique fleet is growing rapidly. Popular destinations across Greece, Croatia and Turkey are already being served, along with various hidden gems in places like the Azores. Incrediblue also recently welcomed small boats to navigate cities like Amsterdam and Berlin.

For the first time in the industry, guests are able to directly connect to boat owners, review boat profiles with real photos and book online in a simple and secure way. Payment options provided include bank transfer and credit cards. Boat owners can register their boats for free and use incrediblue’s easy to use platform to manage their prices and bookings. Incrediblue is free for guests, while boat owners’ charges are limited to a commission per booking, that remains significantly lower compared to the broker industry standard.

Antonios Florakis, incrediblue founder, said: “Most people perceive boat related activities as a luxury. Incrediblue is on a mission to empower everyone to enjoy unique, safe and memorable sea related experiences, anywhere in the world”.

George Tziralis, partner at the Jeremie Openfund II, added: “Incrediblue already serves as our holiday mode of choice. We are excited to be working together with a great founding team to bring this service to a much broader audience and change the sea tourism landscape.”