Rapidly growing govtech company raises $25 million from investors including Ashton Kutcher, Scott Cook.
Today, OpenGov, the market leader in cloud-based performance intelligence and financial transparency for government, announced that Marc Andreessen is joining the company’s Board of Directors. The announcement comes as the company closes an oversubscribed funding round totaling $25 million. The round included existing investors Formation 8 Partners, Andreessen Horowitz, Thrive Capital, and AITV, as well as new investors Glynn Capital, Ashton Kutcher and Guy Oseary’s Sound Ventures, and Intuit founder Scott Cook. Andreessen Horowitz led OpenGov’s $15 million Series B round last year.
OpenGov’s web-based solutions equip government administrators with the tools they need to measure budget to actual expenditures, monitor financial operations and performance metrics, compare data across departments and with other governments, and streamline the budgeting process. Unlocking access to this information leads to improved operational efficiency, years of time saved, and, ultimately, better policy decisions. The OpenGov platform also enables public administrators to engage citizens — where they are in this digital era, online — and build trust through unprecedented insight into their government’s finances.
“Software is eating the business of governing,” Andreessen said, “and OpenGov is changing the future of government, giving public agencies at all levels the kinds of financial tools that successful companies use to analyze and manage their business. Better data means a better run government — and that’s good for all of us. I’m thrilled to be part of this mission.”
OpenGov Co-founder and Chairman Joe Lonsdale welcomed Andreessen to the board, “It’s exciting to have the support of Marc Andreessen, who – along with myself, Zac and the team – shares a passion for innovating alongside public servants to bring government into the 21st century.”
As a member of the Board of Directors, Andreessen will help guide the company’s mission to build the cloud platform to power the 21st century government, and provide advice on the company’s growth. Andreessen is an active, participating member of nine other Boards, including Facebook and HP.
“At OpenGov, we are committed to engaging the best minds in the tech industry to help shape the future of government,” said Zac Bookman, OpenGov Co-Founder and CEO. “It is inspiring as a CEO to have the passionate support of some of the greatest investors and entrepreneurs in Silicon Valley. It is a vote of confidence in OpenGov, and in the power of govtech.”
OpenGov has grown rapidly. The company has more than doubled its customer base since the beginning of the year. It now provides financial intelligence and transparency tools to more than 500 governments in 44 states, boosted by a major statewide initiative in Ohio to bring OpenGov to every local governing entity in the state. OpenGov has added several major U.S. cities this year such as Miami, Minneapolis, Pittsburgh, and San Diego. This growth and vision has led the World Economic Forum to name OpenGov as a Technology Pioneer, a distinction the Forum gives to only 49 companies worldwide each year.
With the new funding, the company plans to continue its momentum by hiring top new talent, aggressively developing the OpenGov platform to better serve its government customers’ needs, and expanding its reach to every government in the U.S.
Published: October 15, 2015