Seed Round to Fuel Sales Growth, New Product Development and Client Services Expansion
Maynard, MA (5/31/18) – ClearGov, a leading municipal transparency and benchmarking platform, announced it has raised an additional $2.25M through a second seed round of financing bringing the total raised to $3.75M. The oversubscribed round was lead by new investments from Launch Capital, Riverpark Ventures and Hub Angels, along with current investors Kepha Partners and MassVentures both increasing their stake in ClearGov.
“We are thrilled by the support we’ve had from our initial investors and excited to bring new investors onto the ClearGov team as well,” said Bryan Burdick, President of ClearGov. “The response that we’ve had from the market has been tremendous, so we are ready to put this additional capital to work to scale our team and continue our mission to help local governments be more efficient and effective.”
ClearGov provides local governments and school districts with an online platform to better communicate complex financials in an easy-to-understand, infographic format. The platform is now used by more than 400 municipalities across 16 states to drive trust and support through enhanced transparency. ClearGov also provides tools to help municipalities compare financial performance against similar communities to better inform budgetary decisions.
Following 400+% YoY growth in 2017, ClearGov will use the funding to fuel sales team and client services growth, as well as expand the executive leadership team. The funding will also be used to bring key new products to market over the next twelve months.
“The public is increasingly demanding accountability and transparency from our government agencies, so we feel that ClearGov is offering an incredibly timely solution,” said Eric Hjerpe of Kepha Partners. “We were impressed with traction the team was able to generate after the first seed round and are excited to continue to support their growth and product expansion.”
As part of the latest round, ClearGov has also named Bill McCullen of Launch Capital to its Board of Directors.
“ClearGov’s mission to help government leaders make better, data-driven decisions is powerful,” said Bill McCullen of Launch Capital. “With their innovative market approach and proven team we believe that ClearGov can have a significant impact on how local governments engage and serve their constituents.”
To explore ClearGov’s local government transparency and benchmarking platform visit http://www.cleargov.com.
ClearGov transforms city and town financial statements into accessible, easy-to-understand infographics to help citizens better understand how their tax dollars are being put to use. Local governments use ClearGov’s SaaS solutions to reduce operational inefficiencies, make informed budgetary decisions and improve communication with citizens.