This fund will allow us to continue to invest in the best expansion-stage companies globally while also enhancing our unique platform for serving the needs of the companies we invest in.
Boston, MA (PRWEB) March 21, 2012
OpenView Venture Partners, an expansion-stage venture capital firm focused on providing technology companies with deep operational support, announced today that it has raised $200 million for its third fund. OpenView’s largest fund to date was significantly oversubscribed, exceeding its $150 million target to hit a hard cap of $200 million in just three months.
“We are very excited to launch our third fund and to continue our mission of helping some of the world’s best expansion-stage technology companies succeed,” said Scott Maxwell, OpenView’s Founder and Senior Managing Director. “This fund will allow us to continue to invest in the best expansion-stage companies globally while also enhancing our unique platform for serving the needs of the companies we invest in.”
Through its strategic consulting arm, OpenView Labs, the firm is able to provide hands-on support to the management of its 18 portfolio companies. Together with its network of senior advisors, the Labs team partners with and consults to OpenView’s portfolio companies on a range of functional areas, including recruiting, go-to-market support, and research and analytics.
Since its inception, the firm has completed more than 100 significant projects on behalf of these companies, spanning recruiting, market research, product management, agile product development, lead generation, sales team development, and go-to-market strategies and tactics among other areas.
The firm has helped fill dozens of roles across the country for its portfolio companies, including placing more than 50 people in portfolio companies in 2011 alone. Recent examples of the work OpenView has done to support its portfolio companies include:
- Market Channel Discovery — Completed a significant project to help Boise-based local automation software provider Balihoo identify the best marketing channels and influencers for its go-to-market strategy. “OpenView’s team really helped us sharpen our focus,” commented Pete Gombert, Balihoo’s CEO. “The expertise they bring to our organization has had a tremendous positive impact since day one.”
- Sales Director Recruitment — Identified and screened candidates for Philadelphia-based Monetate, a marketing optimization technology company, resulting in the placement of four new sales directors. “OpenView’s incredibly efficient recruiting efforts were an eye-opening experience for us,” said Monetate’s Founder and CEO, David Brussin. “They were able to listen to our targets, build lists accordingly, and deliver people who were qualified personally and professionally, saving us time and money.”
- Outbound Prospecting Team Development — Sourced the majority of the 11-member prospecting team for Mashery, an API management solution provider headquartered in San Francisco, and provided the coaching, infrastructure, and resources the team needed to succeed. “OpenView’s sales expertise has allowed us to expand our sales funnel across the country,” said Oren Michaels, Mashery’s CEO. “We’re now better positioned for growth than ever before.”
OpenView backs expansion-stage, high-growth software, Internet, and technology-enabled companies that generate between $2 million and $20 million in annual revenue and are seeking between $5 million and $15 million in venture capital. The firm was ranked No. 6 on Heardable’s March 2012 list of the Top 50 Brands in Venture Capital.
About OpenView Venture Partners
OpenView Venture Partners (http://www.openviewpartners.com) is an expansion-stage venture capital fund based in Boston that is focused on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies quickly optimize their product, go-to-market, and organizational and operational functions. Founded in 2006, the firm invests globally and has approximately $445 million in total capital under management.
About OpenView Labs
OpenView Labs is the strategic and operational consulting arm of OpenView Venture Partners, a global venture capital fund that invests in expansion-stage technology companies. The Labs team consults to the management of OpenView’s portfolio companies across an array of functional areas, including recruiting, go-to-market support, and research and analytics. Together with its network of senior advisors, the team supports OpenView’s portfolio companies on a range of initiatives ranging from methodology incubation and market research, to providing strategic coaching.