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The Story: Boston-based venture capital firm OpenView has laid off most of its staff and will not be making any new investments, according to sources to The Information that are familiar with the matter.

The VC firm, which has backed startups like Calendly and DataDog, is expected to turn its focus to only its current portfolio companies. According to The Information, the downturn of OpenView could “be a sign of rising pressure on VC firms to generate returns in an era of higher interest rates and fewer sources of new capital.”

Reports of OpenView layoffs are pretty surprising as the firm announced just nine months ago that it had successfully closed its seventh fund of $570 million. The fund was short of its $800 million target, but it was still 25% larger than its sixth fund of $450 million.

OpenView has yet to comment on The Information’s reporting of layoffs across the firm.

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