OpenGov receives $15 million in Series B
OpenGov is a management reporting software company that has raised $15 million in Series B round of funding led by Andreessen Horowitz. Other investors that participated in this round include Formation 8 and Thrive Capital. OpenGov runs cloud-based software that allows governments to visualize their budgets and track spending.
OpenGov makes it easier for local officials and government executives to see how they are spending taxpayer money. The software shows interactive graphics to spot trends. OpenGov targets local governments that spend around $3.7 trillion per year and often uses reporting software that dates back 20 years.
Before OpenGov, if an executive wanted to ask a question of the database like ‘How much are we spending on this program?’ a custom report had to be prepared by the IT department.
“One of the key value props we have is we’re taking their data and making it intelligible,” stated Zac Bookman, OpenGov’s co-founder and CEO. “If you hung this 40,000 row Excel spreadsheet online, it’s useful to almost no one.”
OpenGov will be using the funding to expand its sales team and for additional software development.