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OpenView Raises Record $570 Million Fund VII to Back Expansion Stage Software Founders
BOSTON, March 27, 2023-- OpenView announced the closing of its seventh fund totaling $570 million, which will continue the firm's dedication to partnering with high-growth software startups. The latest fund represents a 25% increase over the firm's sixth fund and is its largest to date, enabling OpenView to support more entrepreneurs through this challenging macroeconomic climate.
OpenView will maintain its focused strategy of high conviction, concentrated venture capital investments in business software companies at the expansion stage. The firm invests globally across all business software categories including infrastructure, applications, cybersecurity, and vertical software.
"As we have for nearly two decades, we remain focused on identifying and supporting innovative business software companies in high-growth product markets primed for rapid expansion," said Mackey Craven, partner at OpenView.
Since its founding in 2006, OpenView has raised a total of $2.4 billion across its seven funds and has partnered with more than 60 companies including Datadog, Calendly, Axonius, JumpCloud, UserTesting, and Workfront, among others.
"During this time of turbulence in the financial markets, OpenView is excited to have a new fund to support software startups," said Blake Bartlett, partner. "We are grateful for our partnership with world-class limited partners, which makes it possible to support these promising companies as they build the future."
OpenView is led by veteran investors including Scott Maxwell, Mackey Craven, and Blake Bartlett, along with a next generation of partners who joined the partnership in its sixth fund. All are dedicated to the firm's mission of improving people's working lives by supporting business software companies that make this mission a reality.
With nearly 80 team members, OpenView has a two and a half-to-one ratio of people to portfolio companies. This level of resourcing makes it possible for the firm to work hand in hand with portfolio companies to attract and retain more of the best-fit customers and talent.
"OpenView is dedicated to helping its portfolio companies with meaningful and measurable value that accelerates their journey through the expansion stage," said Kyle Poyar, operating partner. "Whether it's running a pricing project, placing an executive hire, connecting a founder to a top-tier CMO, or helping companies access capital markets, our Expansion Platform removes hurdles to unlock growth."
The firm expects to continue its high conviction investing approach, which allows OpenView to build trusted relationships with portfolio companies before, during, and after investment. OpenView has already begun investing out of Fund VII and looks forward to supporting the next generation of software entrepreneurs as they scale through the expansion stage and beyond.
Disclaimer: The materials contain current and former OpenView portfolio companies. For additional information including a full list of portfolio companies, please visit our website.
Founded in 2006, OpenView is a venture capital firm investing globally in business software companies. With a mission to improve people's working lives, OpenView's focused investment approach across sector and stage enables the firm to identify and partner with category-leading business software companies. The firm's focus extends to a dedicated expansion team with the operational expertise to help portfolio companies on sales, marketing, product-led growth, talent, and corporate development. The firm is based in Boston and has $2.4 billion in total assets under management. For more information, please visit https://openviewpartners.com/.