Three years after announcing its sixth fund, OpenView Venture Partners is back with $570 million in capital commitments for its new, seventh fund. It represents a 25% increase over the firm’s $450 million sixth fund, touting that it is its largest to date.
The Boston-based venture capital firm gave its intent to raise the fund back in January 2022, according to an SEC filing that noted OpenView intended on a hard cap of $800 million. In another filing made last September, the firm reported it had raised just over $517 million toward that goal.
“The way that we've always built the firm and the funds is to stay relatively small and concentrated,” Mackey Craven, OpenView partner, told TechCrunch. “When we went out to raise the fund, the way we size them is bottoms up: looking at how many partners we have, the average investment size they make, how many investments we make in a year and how many years we want to be out. That gives you a range, and that range is from right about where we closed the fund.”
The firm will continue to focus its investments on “high-growth software startups,” investing globally across business software categories, including infrastructure, applications, cybersecurity and vertical software.