OpenView Venture Partners raises $99 million towards 3rd fund; More to come?
Tom Paine
The Boston Business Journal reports that Boston's OpenView Venture Partners has raised $99M for its 3rd VC fund.
OpenView has invested heavily recently to the tune of about $40 million in three Philly area ventures: Monetate, NextDocs, and Xtium. Dow Jones's Venture Wire reported a couple of weeks ago that OpenView's target for this fund was $150 to $200 million, although if I understand its Form D correctly , this fund is not yet closed so they may still be seeking to meet those targets.
The Boston Business Journal article notes that OpenView often likes to relocate its portfolio companies to the Boston area, although there has been no indication yet of that happening with the companies mentioned above. OpenView has also become much more active recently on the PR front, and its OpenView Labs includes about 20 professionals who provide expertise and assistance to portfolio companies. At Boston prices, that can add up to a lot of overhead that needs to be spread over considerable volume.
Prior to this raise, OpenView has had about $250 million under management.
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