Boston-based VC firm OpenView Venture Partners raised $570M toward its seventh fund.
Per an SEC filing from January 2022, the fund has a hard cap of $800M. OpenView will invest in up to 20 global business software startups, including infrastructure applications, cybersecurity, and vertical software.
- OpenView will back companies that have between $1M and $10M in annual recurring revenue (ARR).
- The amount of money raised so far represents a 25% increase over its sixth fund, which closed at $650M.
- OpenView backed 16 startups with the sixth fund.
- OpenView partner Mackey Craven said that "it absolutely is a more challenging fundraising environment," but the firm received good support from its previous limited partners.
- The firm had raised $517M by September 2022.
