Govly – a market network for public sector procurement – recently announced today $9.5 million in Series A funding, which brought its total capital raised since 2019 to $13.1 million. And global software investor Insight Partners led the funding round with participation from Y Combinator, FundersClub, and NordicEye. Govly plans to use the funding round to build new products that further its goal of making selling to governments simple and transparent.
The federal procurement process is often fraught with red tape, siloed information, and manual processes. And many contracts are not published or available to the public, and those end up buried within byzantine government portals. To handle this problem, Govly created a platform that democratizes access to these contracts and creates opportunities for companies operating within the US federal government procurement supply chain.
Govly’s platform makes it easier for users to find, track, and analyze contract requirements across disparate sources, uncover new partners, and coordinate stakeholder action throughout procurement processes, from initial solicitation to award. And companies such as 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.
KEY QUOTES:
“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, 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.”
— Mike Weiland, Founder and CEO of Govly
“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. 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.”
— Nick Sinai, Senior Advisor at Insight Partners
