With more than $140 million in total investment, a full leadership team now in place and enterprise software serving more than 2,000 government customers, the company is poised for major new developments.
Cloud software giant OpenGov has continued to gather steam with gov tech investors, as evident from the close of a $51 million Series D financing round this week, the company’s largest since its founding in 2012.
Lead investors were Weatherford Capital and 8VC, with participation from prior investor Andreessen Horowitz, according to a news release. Following an escalating series of funding rounds over the past seven years, from $3 million in 2012 to $30 million in 2017, the latest round pushes OpenGov’s fundraising total to date past $140 million, most of which has come from Adreessen Horowitz, 8VC, JC2 Ventures and Emerson Collective.
Although it’s a massive windfall, OpenGov’s Series D is not quite the largest gov tech funding round this year. ArchiveSocial brought in $53 million in May, and PayIt announced over $100 million from the New York-based Insight Partners in March.
OpenGov said it will use the new funding for growth as it further develops its enterprise cloud software-as-a-service for government budgeting, performance, communications and reporting.
"This new investment validates OpenGov's position as the leader in enterprise cloud solutions for government, and it fuels our ability to build, sell, and deploy new mission-critical technology that is the safe and trusted choice for government executives," said CEO Zac Bookman in a statement.
According to press materials, OpenGov counts more than 2,000 public agencies in 48 states as customers, including the state governments of Ohio, Oklahoma and West Virginia. The company has been talking about investment and expansion for years, and a blog post today from Bookman on OpenGov’s website promises “major initiatives in the works to dramatically expand our product line and our reach and impact.”
On top of four high-level leadership appointments this year, including a new board member, the president and two advisers, OpenGov’s new funding could mean the company is poised for new products, acquisitions or an exit strategy.
OpenGov was previously courted for acquisition by GTY Technology Holdings, and the companies sued each other in November 2018 after it didn’t happen. Now OpenGov has a full leadership team, $140 million in investment, an evolving portfolio of all-in-one enterprise software, and promises to keep.
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