The new round of funding raised 51 million dollars
OpenGov providing its services to government and other civic bodies to organize, analyze and present financial and other data using cloud technology was able to raise substantial funds in current round of funding. This grant will be used to expand the business. This round of funding was led by Weatherford Capital and 8VC, which also saw participation from Andreessen Horowitz. This round of funding was able to garner 51 million dollars for the start-up.
The total raised fund by the OpenGov is now standing 140 million dollars. This is done due to the collective effort of J2C Ventures, Emerson Collective, Founders Fund, and some other investors. The company is not showing its actual valuation but PitchBook estimated that it might be around 190 million dollars as it was last announced. That was from 2017 and it is not likely to grow in the interim.
The new fund will consolidate the services of the company
The company informed about its composition of the board which includes Lonsdale as a chairman, Katherine August-deWilde the Co-founder and Vice-chair of First Republic bank, John Chambers the Founder and CEO of JC2 Ventures, Marc Andreessen Horowitz the Co-founder and General Partner of Andreessen Horowitz and Zac Bookman the Co-founder and CEO of OpenGov.
Generally, we associate work of government with lengthy and slow bureaucratic processes. But the firm provides its services through OpenGov Cloud platform. The aim of the organization is to drive innovation and bring change to the public sector with some speed. The new round of funding proves this point as OpenGov is one of the leaders in enterprise cloud solutions for government. This fund will allow the firm to create abilities to build, sale and employ the new sensitive technologies which are essential for the safeguard of the data.
Will Weatherford said, “OpenGov innovative technologies, accomplished personnel, market leadership, and mission-first approach precisely address the growing challenges inherent in public administration.”