GovPort Raises $2.8 Million from PruVen Capital and Fin Capital to Accelerate Growth
2024年7月18日 - 12:30AM
ビジネスワイヤ(英語)
Additional investment allows GovPort to serve
more prime federal contractors with its subcontractor management
portal.
GovPort Technologies today announced an investment of $2.8
million from PruVen Capital and Fin Capital. GovPort helps prime
federal contractors (primes) reduce administrative costs and risk
by automating compliance tasks and creating a digital, auditable
trail of their subcontractors’ compliance.
PruVen Capital led this extension of GovPort’s
previously-announced $2.5 million seed round and was joined by Fin
Capital, bringing total capital raised to $5.3 million. Existing
investors include QED Investors, Humba Ventures, Cambrian Ventures,
and NextGen Venture Partners.
“GovPort has built an intuitive tool that seamlessly drives
compliance and other workflows across the prime/subcontractor
relationship,” said Ramneek Gupta, Founder and Managing Partner at
PruVen Capital. “This system of record reduces costs and billable
rates while also unlocking future opportunities.”
GovPort’s approach directly addresses the need for contracts
departments to save time and money, helping them navigate the
traditionally conservative government contracting sector more
efficiently. By utilizing advanced digital tools, GovPort
simplifies compliance enforcement, boosts operational efficiency,
and improves transparency.
"The combination of the highly sensitive nature of the business,
heightened awareness of government spending, and a consolidating
market means primes must be fully aware and proactive about their
compliance requirements. However, contractor compliance monitoring
remains inefficient, outdated, and largely ineffective,” shared
Christian Ostberg, General Partner at Fin Capital. “We believe
there is significant opportunity for GovPort to become the go-to
platform for government contractors and look forward to partnering
with them on their next phase of growth.”
Co-founded by a former U.S. Marine and a repeat startup CTO,
GovPort combines a mission-driven focus with advanced technological
expertise.
Greg Fitzgerald, Chief Executive Officer of ITC Federal and
GovPort board member, added, “ITC Federal is using GovPort to
support our growth and help us manage a large number of partners
and subcontractors across our contract portfolio.
“With the capabilities, automation, and ease of use of the
system it’s no surprise that GovPort is already in use by 10
enterprise primes and over 100 small and mid-sized
contractors.”
For more information, visit www.govport.com.
About GovPort Technologies
Imagine a world where your subcontractors managed themselves.
GovPort is a SaaS subcontractor management portal for federal prime
contractors where subcontractors populate and maintain their own
records, with automated reminders of expirations, deadlines, and
deliverables.
About PruVen Capital
PruVen Capital is a global, multistage venture capital firm
backing founders building enduring companies in the largest
verticals of the global economy. We invest in transformational
startups in FinTech, InsurTech, HealthTech, Real Estate, and
Enterprise IT. Our multi-stage approach and deep network in these
complex industries enables us to support leading entrepreneurs from
first check to IPO. To learn more, visit pruvencap.com.
About Fin Capital
Founded in 2018, Fin Capital is a global asset manager focused
on full lifecycle investing in B2B Fintech Software companies. Fin
Capital is passionate about rolling up its sleeves and partnering
with repeat entrepreneurs that have deep financial services
experience, differentiated products, and a global mindset. To learn
more, visit www.fin.capital.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717578276/en/
Michael Heyman, Head of Growth michael@govport.com (571)
992-0021