Mountain View startup OpenGov recently announced it had closed their Series B round of financing at $15 million. The round was led by Andreessen Horowitz with participation from Thrive Capital and Formation 8. The investment marks the first for Andreesen Horowitz in the civic technology field, and represents the maturing of the civic innovation market. The investment world has been slow to back the proliferating sector, similar to hesitation around other markets rich in red tape like healthcare and education. Indeed, government has historically been viewed as a major impediment to the success of internet industry, rather than as a business opportunity.
Management reporting software startup OpenGov has landed a $15 million Series B round of funding led by Andreessen Horowitz, the company announced Thursday. Other investors include Formation 8 and Thrive Capital. OpenGov has created cloud-based software that allows governments to visualize their budgets and track spending. The software basically makes it easier for local officials and government executives to see how they’re spending taxpayer money. It provides them with pretty, interactive graphics that make it easier to spot trends than staring at an ugly Excel spreadsheet. Those graphics can also be provided to the public online, which in turn increases government transparency. The company was interesting because it targets local governments, which spend roughly $3.7 trillion a year and often use reporting software that dates back 20 years, said Balaji Srinivasan, an Andreessen Horowitz general partner who is joining OpenGov’s board.
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