Three years after announcing its sixth fund, OpenView Venture Partners is back with $570 million in capital commitments for its new, seventh fund. This represents a 25% increase over the firm’s $450 million sixth fund, its largest to date.
History of Success
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.
A Conversation with Mackey Craven
Mackey Craven, partner at OpenView Venture Partners, spoke to TechCrunch about the firm’s approach to fundraising and investing. "The way that we’ve always built the firm and the funds is to stay relatively small and concentrated," he explained. "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."
Focus on High-Growth Software Startups
The firm will continue to focus its investments on "high-growth software startups," investing globally in companies with innovative technologies and scalable business models.
Themes for Future Investments
Craven highlighted several themes that OpenView Venture Partners will be focusing on in the coming years, including:
- Domain-specific applications of machine intelligence: The firm is looking at how machine learning can be applied to specific industries and use cases.
- Vertical software: Craven noted that there are many underserved markets where software solutions are needed but not yet available.
- Product-led growth: OpenView Venture Partners has been tracking the growth of companies that prioritize building products that customers love, rather than relying on traditional sales tactics.
A Strong Foundation for Future Success
With $570 million in its seventh fund, OpenView Venture Partners is well-positioned to continue supporting high-growth software startups and driving innovation in the tech industry.
Interview with Mackey Craven
We spoke to Mackey Craven about his vision for OpenView Venture Partners’ future investments. "We’re excited about the opportunities that are emerging in areas like AI, machine learning, and cybersecurity," he said. "These technologies have the potential to transform entire industries and we believe that the best companies will be those that can harness their power."
Investing in a Rapidly Changing World
As the tech industry continues to evolve at breakneck speed, OpenView Venture Partners is committed to staying ahead of the curve and supporting companies that are pushing the boundaries of what is possible.
Conclusion
OpenView Venture Partners’ seventh fund is a testament to its commitment to investing in high-growth software startups. With $570 million in capital commitments and a strong focus on emerging themes, the firm is well-positioned for future success.