This morning OpenView Enterprise Companions introduced that it has closed $450 million for its new, sixth fund. The capital pool is its largest so far, coming in at roughly 50% bigger than its previous fund 5.

OpenView relies in Boston, however invests globally. The $450 million fund’s future existence has been recognized since no less than November of final 12 months, due to an SEC submitting.

The agency’s funding focus, two of its companions informed TechCrunch throughout separate interviews, shouldn’t be altering with its new capital. As a substitute, OpenView will proceed to concentrate on what it calls “growth stage enterprise software program,” in accordance with associate John McCullough.

That’s a means of claiming business-focused software program startups which have between $1 million and $10 million in annual recurring income, or ARR. To be extra particular, OpenView’s Mackey Craven informed TechCrunch that round 80% of its lead offers are into corporations with $1 million to $5 million in ARR, with 60% going into corporations with between $1 million and $3 million in ARR.

Provided that expansion-stage startups are modest by way of income scale, why did OpenView elevate a lot extra capital in its new fund than its prior installments, whether it is pursuing the identical technique?

In accordance with McCullough, the agency ran the mathematics on the variety of investments it needed to make — hoping to make 15 to 17, greater than the 13 it did out of its previous fund — the amount of cash it wanted for follow-on investing, and a few constraints it bumped into in prior funds when it needed to determine between a net-new funding and including extra capital to an current winner. All that added as much as a bigger quantity.

The investor informed TechCrunch that OpenView had a decrease sure goal of $350 million, and a tough max of $450 million for the fund.

New capital is enjoyable and all, however I needed to know a bit extra regarding how the fund views some tendencies within the tech area that I’ve tried to control, particularly API-delivered startups, no-code/low-code and insurtech. On the API entrance, Craven appeared typically bullish, saying that there was “better alternative for software program companies to be constructed round an API as a product” in recent times, including that as many API-delivered startups have a tendency towards usage-based pricing, they will additionally sport engaging web retention metrics.

We riffed on the no-code and low-code worlds as effectively, noodling on the distinctions between providers that enable for better customizations by non-developers and merchandise that enable for the creation of web new functions sans coding. Each wind up touchdown contained in the no-code and low-code buckets regardless of being fairly totally different. Regardless, are startups that promote software program constructing in additional customization and suppleness? Sure, says Craven. Anticipate the road of what counts as no-code functionality and what’s merely neat customizations to blur as time passes.

And, lastly, on the insurtech level, Craven indicated that as a result of many of the insurtech world is extra monetary providers than enterprise software program, it largely falls exterior of their purview. Maybe Noyo would rely as each insurtech and expansion-stage enterprise software program?

OpenView has numerous new capital to maintain working its playbook. It’s not the one business-focused software program VC on the market. Shasta’s one other. There are extra. However with extra capital than ever, OpenView has invited extra scrutiny onto itself, its outcomes and its new investments. Let’s see the place it places the cash to work.