The firm has invested in seven new companies, one of which it is still keeping secret. One of the companies, Neighborly, announced an investment from the fund as part of its Series A round in May.
The five previously unannounced Govtech Fund companies are:
- Binti, which makes software and Web portals to help adoption agencies sign up foster families. Binti got its start in the San Francisco Startup in Residence program and generated some rapid growth soon afterward by targeting California counties.
- MissionMark, which is building a platform to help government contractors bid for federal projects.
- GovInvest, which offers software to help government manage its pension funds and debt.
- MeWe, which has created a restaurant inspection application called CoInspect.
- Smarking, which has developed a data analytics solution for city parking.
Ted Price, CEO of GovInvest, confirmed by email that the Govtech Fund led a $2.17 million seed investment round for the company.
Felicia Curcuru, CEO of Binti, wrote in an email that the Govtech Fund made an investment in her company independent of an actual fundraising round.
At TiECon, Bouganim said the companies he invests in are meeting aggressive growth metrics.
“Our 13 companies today are connected to about 20,000 agencies, we’re adding about 10 a day as a group and our average sales cycle is something like 76 days,” he said.