Much of the fresh capital will go toward scaling operations for the Denver-based company, CEO Adam Zucker told Government Technology.
Jackson Square Ventures led the funding round, which also included First Mile, TechStars and Legal Tech Fund.
The company, launched in 2021, analyzes government meetings to give contractors and other organizations early insights into possible upcoming RFPs, policies and other public business.
Cloverleaf, in a statement, says its “platform alerts government contractors the moment a project is discussed — whether it's a new stadium or road being built, EV infrastructure, school safety measures, or any other government project — right from the first meeting.”
The theory is that early information helps outsiders build contacts and relationships with public officials, which, of course, can lead to new contracts and other benefits. Zucker said the company pulls in about 50,000 hours of content per month.
With the new funding comes two new products: Vocal Fingerprinting and Opportunity Database.
The former “monitors and reports government officials’ positions from each public meeting they take,” according to the statement, while the latter is “a fully searchable index that captures more than 100,000 monthly government opportunities before they even reach the RFP stage.”
“These new products will drive meaningful impact for organizations looking to optimize how they source revenue-driving opportunities,” Pete Solvik, co-founder and managing director of Jackson Square Ventures, said in the statement, adding that the company can boast of an annual recurring revenue retention rate of more than 120 percent.
In the next year or so, Zucker said he anticipates another funding round, for revenue to at least double, and more capabilities around natural language search.
