Total amount raised
$750 Millions
Latest funding date
October, 2021
Location
OpenGov has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The company provides a comprehensive suite of software solutions designed to enhance the efficiency, transparency, and accountability of local and state governments.
Keep reading to explore the intricacies of OpenGov's fundraising journey and the investors backing this innovative platform.
What Is OpenGov?
OpenGov, founded in 2012, is headquartered in San Jose, California. The company was established by Dakin Sloss, Joe Lonsdale, Mike Rosengarten, Nate Levine, and Zac Bookman.
OpenGov specializes in providing digital cloud software tailored for local and state governments. Their solutions focus on budgeting, procurement, and community development, aiming to enhance government operations.
With a workforce of 501-1000 employees, OpenGov continues to support public sector efficiency and accountability through its comprehensive software suite.
How Much Funding Has OpenGov Raised?
- Series B
- Amount Raised: $4M
- Date: July 2013
- Lead Investors: Formation 8, Thrive Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Series B
- Amount Raised: $15M
- Date: May 2014
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance technology development.
- Series B
- Amount Raised: $25M
- Date: October 2015
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve product features.
- Series C
- Amount Raised: $30M
- Date: May 2017
- Lead Investors: Emerson Collective
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product innovation and market expansion.
- Series D
- Amount Raised: $51M
- Date: September 2019
- Lead Investors: 8VC, Weatherford Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To boost cloud-based IT services and expand customer base.
- Venture Round
- Amount Raised: $50M
- Date: February 2022
- Lead Investors: Cox Enterprises
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology solutions and drive growth.
Total Amount Raised: $175M. Current Valuation: Not publicly disclosed.
Key Investors
- Andreessen Horowitz
- Details: Andreessen Horowitz is a prominent venture capital firm based in Silicon Valley. It was founded by Marc Andreessen and Ben Horowitz in 2009.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Facebook, Airbnb, Slack.
- 8VC
- Details: 8VC is a venture capital firm founded by Joe Lonsdale, who is also a co-founder of Palantir. The firm focuses on investing in transformative technology companies.
- Investment Focus Areas: Enterprise software, healthcare, logistics.
- Notable Investments: Palantir, Wish, Guardant Health.
- Weatherford Capital
- Details: Weatherford Capital is a private investment firm led by Will Weatherford, the former Speaker of the House for the State of Florida. The firm focuses on long-term investments in innovative companies.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: OpenGov, A-LIGN, RedTeam Software.
- Emerson Collective
- Details: Emerson Collective is a social change organization founded by Laurene Powell Jobs. It focuses on education, immigration reform, the environment, and other social justice initiatives.
- Investment Focus Areas: Education, social justice, environmental sustainability.
- Notable Investments: AltSchool, XQ Institute, Axios.
- Cox Enterprises
- Details: Cox Enterprises is a privately held global conglomerate headquartered in Atlanta, Georgia. It operates in the communications, automotive, and media industries.
- Investment Focus Areas: Communications, automotive, media.
- Notable Investments: Autotrader, Kelley Blue Book, Cox Communications.
What's Next for OpenGov?
OpenGov stands at the cusp of significant growth opportunities, driven by the increasing adoption of cloud-based solutions in the public sector. With over 2,000 government customers, the company is well-positioned to expand its reach and develop new technologies that enhance government efficiency and transparency. The potential for future acquisitions to integrate complementary services and technologies further amplifies their growth prospects.
Future fundraising rounds seem likely as OpenGov continues to scale its operations and innovate. The involvement of high-profile investors and board members could facilitate these efforts, ensuring the company remains at the forefront of government technology solutions. However, challenges such as competition from other firms and navigating complex government procurement processes may pose hurdles along the way.
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