OpenView Venture Partners Raises $250 Million Fund

Boston’s OpenView Venture Partners, a VC firm that backs growth-stage software companies, has raised $250 million for its fourth fund.

The news was expected. Fortune reported in August that OpenView was hoping to hit that price tag for the new fund, which had been teased in an SEC filing.

OpenView touts several successful investments, including Intel-acquired API service Mashery and marketing software seller ExactTarget, which went public in 2012 and was later acquired by Salesforce. Its last fund, worth $200 million, was raised in 2012.

OpenView, founded in 2006, has a pretty specific target: It writes checks of $5 million-$20 million for stakes in business-to-business software companies that are collecting between $2 million-$20 million in yearly sales.

Like many venture firms, OpenView tries to improve its own sales pitch to entrepreneurs by offering extra services on top of just connections and money—the firm’s Labs unit, which helps portfolio companies with hiring, marketing, and other growth-stage needs.

Author: Curt Woodward

Curt covered technology and innovation in the Boston area for Xconomy. He previously worked in Xconomy’s Seattle bureau and continued some coverage of Seattle-area tech companies, including Amazon and Microsoft. Curt joined Xconomy in February 2011 after nearly nine years with The Associated Press, the world's largest news organization. He worked in three states and covered a wide variety of beats for the AP, including business, law, politics, government, and general mayhem. A native Washingtonian, Curt earned a bachelor's degree in journalism from Western Washington University in Bellingham, WA. As a past president of the state's Capitol Correspondents Association, he led efforts to expand statehouse press credentialing to online news outlets for the first time.