Many venture capital firms have built out value-add services to help their portfolio companies gain traction faster and a competitive advantage. Firms like Andreessen Horowitz and Google Ventures have capabilities in-house to assist with talent acquisition, product design, and various other components of building out a tech company.
Here in Boston, OpenView Venture Partners is also on the cutting edge of this trend with their OpenView Labs team, which helps their portfolio companies with talent acquisition, sales, marketing, & market research.
So, let’s take a second and imagine if your investor was allocating their own resources to help you build out your sales & marketing funnel. That would be pretty amazing, right? That is exactly what the OpenView Labs team does.
Today, OpenView is taking this philosophy even a step further by announcing a partnership with InsightSquared in Cambridge to provide their SaaS sales & marketing analytics product to OpenView’s portfolio companies.
I caught up with InsightSquared’s Co-Founder & CEO, Fred Shilmover yesterday to discuss this partnership. If you are not familiar with the company… well, you need to know about them. They have the #1 Salesforce Analytics product for SMBs, a rock star team, and $13.5M in funding from a who’s who list of investors (Atlas Venture, Bessemer Venture Partners, NextView Ventures, DFJ, and others). To date, the company has 55 employees and over 300 customers.
As you might have noticed, OpenView Venture Partners is not currently an investor in the company, but the two entities saw eye to eye on how to use data and analytics to drive sales & marketing. Devon McDonald, Director of Sales and Marketing Support at OpenView said “It was a no-brainer to provide their product to our portfolio companies in need of enterprise-quality business intelligence, to help increase their sales and gain a competitive advantage.”
There was a pretty clear and natural synergy based on OpenView’s portfolio of expansion stage software & SaaS companies. For example, a local OpenView investment includes Sonian in Dedham, a cloud based archiving solution. They are already seeing the value of the InsightSquared platform and it has been rolled out to their entire sales team.
It will be interesting to see if more venture capital firms follow OpenView’s lead. Obviously, revenue is king at any startup and if you can leverage the data from many portfolio companies and benchmark trends that lead to driving better marketing results and sales, it is incredibly valuable.
Keith Cline is the Founder of VentureFizz. You can follow Keith on Twitter (kcline6) by clicking here.