OpenView’s Next Chapter: Announcing Fund VII Dedicated To Expansion-Stage Growth
Amid the foreboding clouds casting shadows over the economy, there are a few silver linings. The fact is, incredible companies have always been built during challenging times. We at OpenView are excited to announce our seventh fund totaling $570 million to support high-growth startups during this time.
The newest fund continues the mission we set out in 2006: to identify and invest in software companies committed to improving people’s working lives.
Our seventh fund will bolster our dedication to the future of connected work. At $570M, it’s our largest to date (!) representing a 25% increase over our sixth fund, and will provide the added fuel needed to grow our portfolio of innovative software companies in key categories such as 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,” says Mackey Craven, Partner at OpenView.
Since our inception, we’ve raised $2.4 billion across seven funds, partnering with more than 60 companies. We’re proud to have partnered with the likes of Axonius, BuildKite, Calendly, Datadog, HightSpot, JumpCloud, UserTesting, Workfront, and many others in our portfolio. Our team has also grown, thanks to experienced investment partners joining us on our journey and a host of new vice presidents (whom you can read about here).
“During this time of turbulence in the financial markets, OpenView is excited to have a new fund to support software startups,” said Partner Blake Bartlett. “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.”
With this fund, we intend to do what we do best: maintain our focused strategy of high conviction, concentrated venture capital investments in business software companies at the expansion stage. These are companies that have found an early product-market fit, are growing quickly, and have some go-to-market repeatability, usually including some revenue generation.
We’re looking forward to continuing the great work of supporting SaaS companies at this crucial stage of growth. We want to keep building on the trademarks of what makes OpenView, well, OpenView. Things like:
- a dedicated headcount ratio of two-and-a-half to one people to portfolio companies.
- educating the greater SaaS community with best practices for benchmarks, hiring, pricing, and more.
- a roster of experts to help you remove hurdles to unlock growth.
We’re really pumped to show you what’s coming up next at OpenView. Supporting the next generation of SaaS companies and entrepreneurs through the tricky growing pains of the expansion stage is what we do best. And we can’t wait to see what the future holds.
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Note: This blog post mentions several existing and former OpenView portfolio companies. For a full list including their status, please visit our Companies page.