GovPort Technologies announced an investment of $2.8 million from PruVen Capital and Fin Capital. GovPort essentially helps prime federal contractors (primes) reduce administrative costs and risk by automating compliance tasks and creating a digital and 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. The company’s existing investors include QED Investors, Humba Ventures, Cambrian Ventures, and NextGen Venture Partners.
GovPort’s addresses the need for contracts departments to save time and money, helping them get through the traditionally conservative government contracting sector more efficiently. And by utilizing advanced digital tools, GovPort simplifies compliance enforcement, increases operational efficiency, and improves transparency.
Founded by a former U.S. Marine and a repeat startup CTO, GovPort combines a mission-driven focus with advanced technological expertise.
KEY QUOTES:
“GovPort has built an intuitive tool that seamlessly drives compliance and other workflows across the prime/subcontractor relationship. This system of record reduces costs and billable rates while also unlocking future opportunities.”
– Ramneek Gupta, Founder and Managing Partner at PruVen Capital
“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 However, contractor compliance monitoring remains inefficient, outdated, and largely ineffective. 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.”
– Christian Ostberg, General Partner at Fin Capital
“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.”
– Greg Fitzgerald, Chief Executive Officer of ITC Federal and GovPort board member
