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Each year, Oxx analyses the open source landscape using a proprietary methodology that combines awareness and engagement metrics, uncovering the Rising Stars that embody innovation, community strength, and the potential for groundbreaking success.


Since we first ran this analysis in 2021,  the companies identified have raised >$1.5bn of venture capital

In this report, we guide you through our methodology, emphasising the significance of Product Community Fit, decoding the metrics behind our methodology, and providing insights into the evolution of the 2021-22 cohorts.

Download the 2023 report to discover which projects make it into this year's cohort, and to learn more about previous cohorts and their progress.

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Open Source companies operate in a unique ecosystem characterised by open collaboration, community involvement, and diverse revenue models. The open source approach to software development and business differs from companies that rely on proprietary software licensing models, and therefore working with open source driven software companies presents a unique challenge. These businesses often commercialise only when a product is more mature, already has significant user adoption and traction from an open source community of creators and users. 


Minted unicorns

In capital raised

So, as an investor, is it possible to evaluate the pre-financial traction of these open source software projects? How can one measure the activity of a community – the leading indicator of the explosive growth that open source projects can achieve?


Each year, Oxx analyses the open source landscape, to identify which businesses in the open source ecosystem show signs of becoming successful, sustainable companies. We have developed a methodology that combines both awareness and engagement metrics for open source projects and allows us to identify high-potential projects before they reach significant scale. We look at "Product Community Fit", measuring the active creator base of a project as an indicator of engagement and future fundraising potential, resulting  in our mapping of the “Rising Stars of Open Source”. 

2021-2022 HIGHLIGHTS


Identified companies


Minted unicorns


In raised capital

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Backtesting and historical data Leading indicators of engagement levels Enrich data with G

Having backtested our methodology for measuring open source traction on over 175,000 projects, over 15 years of historical engagement data, we have developed a clear view on the leading indicators of open source growth with the concept of Product Community Fit. Historical data taught us that projects with accelerating engagement levels, entering the 50-100 active creators “zone” would be highly likely to commercialise successfully, and to continue to scale. For a more comprehensive description of the methodology, please see the report.




For inquiries about methodology and analysis, reach out to Bob Thomas.

For all things marketing, content, and assets-related, our marketing department has you covered.

The contents of this report are for informational purposes only. Such information contained herein are the author’s alone and are not intended to constitute an offer, solicitation, recommendation or advice to purchase any security or any investment product or service. The information should not be relied upon for legal, accounting or tax advice or investment recommendations. Any reproduction or distribution of the information in this report, in whole or in part, or the disclosure of its contents to any person other than to a professional adviser is prohibited without the prior written consent of Oxx Ltd. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness, or completeness of this information. Oxx Ltd and all employers and their affiliated persons assume no liability for this information. Such information, opinions and images are subject to change and Oxx Ltd has no obligation to update the information contained in this report. Readers should make their own determination as to whether a particular investment opportunity is suitable for their investment needs or should seek such professional advice before making any investment decision.

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