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GovForce Raises $2.5 Million Seed Round to Power Government Contractor Collaboration
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Rhea-AI Summary
GovForce, a technology company focused on government contractors, has secured $2.5 million in seed equity funding led by QED Investors and Humba Ventures. This funding aims to enhance its software platform designed to assist prime contractors with performance monitoring and compliance management. With government contractors managing approximately $700 billion annually in federal contracts, effective compliance is crucial. The GovForce platform addresses heightened security and reporting challenges in the industry, streamlining processes for subcontractor management, ultimately improving efficiency and performance.
Positive
Secured $2.5 million in seed funding to accelerate product launch and distribution.
Addresses key compliance challenges faced by government contractors.
Aims to enhance operational efficiency through a purpose-built platform.
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None.
QED Investors and Humba Ventures back GovForce’s unique platform, used by government contractors to manage prime contract requirements with subcontractors.
WASHINGTON--(BUSINESS WIRE)--
GovForce, the first technology company designed specifically to power performance and compliance for government contractors, announced today that it has closed a Seed round of $2.5 million in equity funding.
Led by QED Investors and Humba Ventures, with participation from Cambrian and NextGen Venture Partners, the funding will accelerate the launch and distribution of GovForce’s unique software as a service platform, designed to help prime contractors monitor performance and prime contract compliance with subcontractors.
While government contractors (GovCons) are responsible for delivering nearly $700 billion per year in goods and services to the federal government, they face heightened security concerns along with increasing reporting and compliance requirements. These challenges often hamper their ability to effectively and efficiently support the agencies they serve.
“This is about creating a new, one-stop resource to boost the effectiveness and success of the contractors who keep the American government on track,” said CEO and co-founder Tonio DeSorrento.
The complexities of today’s cybersecurity infrastructure and compliance policies have led to growing concerns that contractors will struggle to manage these requirements which will lead to impaired performance.
That call to action from family, friends, fellow veterans, and neighbors in government contracting inspired the three GovForce co-founders.
DeSorrento, a 2020 Washington Business Journal Veterans in Business Honoree, has strong Marine Corps family roots. He previously held executive roles at high-growth technology companies, including Vemo Education, which he co-founded in Northern Virginia, and SoFi. Brendon DiBella, Head of Growth, comes from a family of both military service and government contracting in Northern Virginia; he previously built a nationwide fintech lending practice to GovCons as CRO for StreetShares, later purchased by Thoma Bravo’s MeridianLink (NYSE: MLNK). The Head of Technology, Jason Mitchell, has served as CTO for three technology startups, most recently co-founding and selling PatientFinder to Definitive Healthcare (NASDAQ: DH).
Added DiBella: “Valued back-office service providers can now help their GovCons graduate from emailing spreadsheets and into a secure and streamlined platform for collaboration, status reporting, and project management.”
In addition to managing reporting and compliance, the success and growth of many GovCons depends on critical relationships with the subcontractors with whom they work. Prime GovCons remain principally responsible for ensuring that all contract requirements, known as “flowdowns,” are adhered to by their subcontractors – a crucial compliance process, but an incredibly time-consuming and difficult one to perform. GovForce’s platform helps to manage these complex processes in ways that increase efficiency and performance for prime GovCons.
“At a time when the compliance and security burden on government contractors has become a forefront issue for GovCons and their government clients, there is a pressing need for a purpose-built solution,” said QED Investors Partner Matt Burton. “GovForce will prevent recordkeeping and reporting from overwhelming thousands of small business GovCons as they often collaborate for their federal contracts.”
Added Humba Ventures General Partner Leo Polovets: “Government contractors help build and maintain our infrastructure and they keep us safe, but despite their critical role they have been stuck using decades-old tools. GovForce's state-of-the-art platform enables government contractors to work together like other modern 21st century enterprises – and that leads to a better quality of life for all of us, as well as higher efficiency for the government’s spending.”
About QED Investors
QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies worldwide. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include AvidXchange, Betterfly, Bitso, Caribou, ClearScore, Current, Creditas, Credit Karma, Flywire, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly, SoFi, Wagestream and Wayflyer.
About GovForce
GovForce powers performance, compliance, and collaboration for the government contractors (GovCons) who keep America on track. Founded by a team of technology and military veterans, GovForce enables GovCons to stay organized, work across teams, and manage complex projects and relationships, all with the highest standards of data privacy and security. With GovForce, GovCons and their trusted back-office providers can save time and money, reduce friction, and accelerate growth. Learn more at govforce.us.
