The firm has raised $20.75 million so far toward a possible $25 million maximum for the fund, according to a filing with the U.S. Securities and Exchange Commission. There are 29 investors in on the second fund so far, though the filing doesn’t list any of them. Tim O’Reilly, a technology book publisher and venture capitalist involved in several funds, is an adviser to Govtech Fund.
Ron Bouganim, the first fund’s manager and the firm’s founder, declined to comment, citing SEC rules against venture capitalists speaking about fundraising activities before they close.
Since it first launched in 2014 with a $23 million fund, the Govtech Fund has invested in at least 13 companies, including Neighborly, SeamlessDocs and Mark43. At the time of its launch, Bouganim said he anticipated putting about $500,000 into each investment, and raising several more funds after the first.
