OpenGov, a US-based governmental software producer that counts telecommunications company Telstra as an investor, has secured $51m in series D funding, the Wall Street Journal reported on Friday.
Investment firm Weatherford Capital co-led the round with venture capital firm 8VC, while fellow VC firm Andreessen Horowitz also took part along with unnamed additional investors, OpenGov co-founder and CEO Zac Bookman told WSJ.
Founded in 2012, OpenGov provides cloud software designed for use by public agencies, which can use it to create budgets and track financial performance, communicate more effectively internally and externally, and report data accurately.
The company claims its platform is used by more than 2,000 governmental agencies across 48 US states, and it will use the series D proceeds to expand its market presence.
Emerson Collective led OpenGov’s $30m series C round in May 2017 to bring its overall funding to $75m. The company had received $25m from Andreessen Horowitz, 8VC predecessor Formation8, Thrive Capital, Sound Ventures, Glynn Capital Management and private investor Scott Cook two years earlier.
Andreessen Horowitz had led a $15m series B round for OpenGov that also featured Formation 8, Thrive Capital and Sway Ventures in 2014. Telstra’s corporate venturing unit, Telstra Ventures, lists OpenGov as a portfolio company but has not disclosed when it invested.
