GovTech Software Company Govly Announces $9.5 Million in Series A Funding to Fuel Product Development
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SAN FRANCISCO, November 2, 2023-- Govly, a market network for public sector procurement, today announced $9.5 million in Series A funding, bringing its total capital raised since 2019 to $13.1 million. Global software investor Insight Partners led the funding round with participation from YCombinator, FundersClub, and NordicEye. Govly will use the funding to build new products that further its mission of making selling to governments simple and transparent.
The federal procurement process is fraught with red tape, siloed information, and manual processes. Many contracts are not published or available to the public, and those that are end up buried within byzantine government portals. To address this problem, Govly built a platform that is democratizing access to these contracts and creating opportunities for companies operating within the US federal government procurement supply chain.
Govly's platform makes it easy for users to find, track, and analyze contract requirements across disparate sources, as well as uncover new partners and coordinate stakeholder action throughout procurement processes, from initial solicitation to award. Companies like Hewlett Packard Enterprise, Nutanix, and CDW-G rely on Govly to identify opportunities to sell to the government and to collaborate with their channel partners to prepare and submit bids. Govly plans to extend the platform to serve the US SLED (State, Local, Education) market and government contractors outside the United States.
"Government contracting has remained stagnant for too long. Modernizing this process has been a vision of ours for many years, and as shown by our customers and product adoption, it's a vision that others working with the federal government are excited about," said Mike Weiland, Founder and CEO of Govly. "With Insight Partners as an investor, Govly will make big strides in facilitating simple, transparent, and competitive interactions between industry and governments, ultimately benefiting the collective taxpayer."
"The U.S. federal government acquisition process is complicated and opaque, even to companies already serving government. Using Govly's platform, companies can make simpler work of identifying contract opportunities, finding partners, and submitting bids," said Nick Sinai, Senior Advisor at Insight Partners. "We're excited to work with the Govly team as they continue scaling their platform and drive even more value for the government, suppliers, and the American people."
Founded in 2021, Govly was created with the mission of making public sector procurement simple, transparent and competitive. Over 200 companies use Govly to network with partners, identify opportunities and collaborate on submitting bids. To learn more about Govly, visit www.govly.com.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.