GovInvest, a company that develops financial forecasting software for government, has bagged $18.6m 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.
GovInvest claims it 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 complex 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 CEO Michael Fryke said, “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. With this new funding round and strong market momentum, we fortify our leadership position in the financial forecasting software for government space.”
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