Sapphire Ventures, the venture capital firm affiliated with software producer SAP, led a $30m series C round yesterday for Socrata, a US-based developer of data software for the public sector.
Venture capital firms OpenView Venture Partners, Morgenthaler Ventures and Frazier Technology Partners, all existing investors, also took part in the round. Socrata has now raised a total of $55m since it was founded.
Socrata has developed technology that can help governments harness their data and make it available to anyone with a web connection. It aims to use the funding to expand its software to thousands of public sector organisations around the world.
Jai Das, the managing director of Sapphire Ventures that will join Socrata’s board of directors in conjunction with the funding, said: “We are thrilled to lead this investment in Socrata as we believe the public sector is ripe for, and in desperate need of, massive disruption.
“Socrata’s cloud-based, open data solutions are ushering in a transformative era of data-driven and transparent government around the world. The company has created products and solutions that governments – from the local to federal levels – use at a fraction of the cost of legacy systems to run better and be more open to their constituents and citizens.”