Eastward Capital and Bridgebank Capital also participated in the round.
NextDocs said that almost 37 per cent of life sciences companies have reported replacing or beginning to replace their legacy document management technologies in favour of regulated content management software and this trend is accelerating.
The company’s software is used by more than 100 life sciences businesses including five of the top ten pharmaceutical companies and two of the largest clinical research organizations.
OpenView venture partner Firas Raouf said, “OpenView decided to lead this second round of investment in NextDocs because we are bullish on the company.
“NextDocs continues to take significant market share from the large incumbents in the market, while also expanding into adjacent and more greenfield markets. We see NextDocs growing aggressively and becoming a much larger company over the next few years.”
Back in 2012 OpenView closed its third fund on $200m, exceeding its target by $50m.
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