GovInvest Raises New Funding to Support Rapid Client Adoption
GovInvest, the pioneer of financial forecasting software for government, has raised $18.6 million in strategic funding. Bolstered by a recent round led by Level Equity, a growth capital firm specializing in supporting thriving technology companies, GovInvest plans to expand its team to support its accelerating client base and enhance products to meet customer demand.
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Led by CEO Michael Fryke, GovInvest is focused on helping municipalities and their finance and human resources leaders streamline annual forecasting processes by automating complex analysis, enabling real-time scenarios, and increasing transparency in decision-making.
During the era of "The Great Resignation," managing escalating labor costs and compensation data has become increasingly omplex and time-consuming. In 2022, GovInvest responded by launching its new Compensation Benchmarking software to enable public agencies to analyze how competitive they are with neighboring and comparable agencies, as well as ensure employees are appropriately compensated. In addition to the company's existing Labor Costing, Pension Management, and OPEB (Other Post-Employment Benefits) Management products, the new product solidifies GovInvest's Enterprise Platform as the most comprehensive forecasting suite available to help governments plan today for tomorrow's economic challenges.
"GovInvest's new funding supports talent expansion and integrated platform development to provide everything local and state governments need to expedite and communicate all aspects of their complex forecasting processes," said Michael Fryke, GovInvest CEO. "With this new funding round and strong market momentum, we fortify our leadership position in the financial forecasting software for government space."
About GovInvest Inc.
Founded in 2014, GovInvest empowers over 1,000 public sector agencies nationwide to run their own financial forecasting at a fraction of the cost and time through powerful software solutions and hands-on consulting. We employ and partner with industry-leading actuaries, senior public finance professionals, and best-in-class engineers to provide unmatched service. GovInvest's pioneering technology quickly pays for itself and provides real-time, visual projections that help our clients simplify communications with stakeholders and make better-informed decisions for years to come. Learn more at www.govinvest.com.
About Level Equity
Based in New York, NY and San Francisco, CA, Level Equity is a private investment firm focused on providing capital to rapidly growing software and technology-driven businesses. Level provides long term capital across all transaction types in support of continued growth. The firm has raised $3.0 billion in committed capital and has made over 90 investments since inception. For more information about Level Equity, visit www.levelequity.com.
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