FAIRFAX, Va.--(BUSINESS WIRE)--GovPort Technologies today announced an investment of $2.8 million from PruVen Capital and Fin Capital. GovPort helps prime federal contractors (primes) reduce administrative costs and risk by automating compliance tasks and creating a digital, 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. Existing investors include QED Investors, Humba Ventures, Cambrian Ventures, and NextGen Venture Partners.
“GovPort has built an intuitive tool that seamlessly drives compliance and other workflows across the prime/subcontractor relationship,” said Ramneek Gupta, Founder and Managing Partner at PruVen Capital. “This system of record reduces costs and billable rates while also unlocking future opportunities.”
GovPort’s approach directly addresses the need for contracts departments to save time and money, helping them navigate the traditionally conservative government contracting sector more efficiently. By utilizing advanced digital tools, GovPort simplifies compliance enforcement, boosts operational efficiency, and improves transparency.
"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 However, contractor compliance monitoring remains inefficient, outdated, and largely ineffective,” shared Christian Ostberg, General Partner at Fin Capital. “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.”
Co-founded by a former U.S. Marine and a repeat startup CTO, GovPort combines a mission-driven focus with advanced technological expertise.
Greg Fitzgerald, Chief Executive Officer of ITC Federal and GovPort board member, added, “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.”
For more information, visit www.govport.com.
About GovPort Technologies
Imagine a world where your subcontractors managed themselves. GovPort is a SaaS subcontractor management portal for federal prime contractors where subcontractors populate and maintain their own records, with automated reminders of expirations, deadlines, and deliverables.
About PruVen Capital
PruVen Capital is a global, multistage venture capital firm backing founders building enduring companies in the largest verticals of the global economy. We invest in transformational startups in FinTech, InsurTech, HealthTech, Real Estate, and Enterprise IT. Our multi-stage approach and deep network in these complex industries enables us to support leading entrepreneurs from first check to IPO. To learn more, visit pruvencap.com.
About Fin Capital
Founded in 2018, Fin Capital is a global asset manager focused on full lifecycle investing in B2B Fintech Software companies. Fin Capital is passionate about rolling up its sleeves and partnering with repeat entrepreneurs that have deep financial services experience, differentiated products, and a global mindset. To learn more, visit www.fin.capital.
