ClearGov Announces $20MM Growth Round Led By Frontier Growth To Support Rapid Client Adoption
The strategic growth investment will allow ClearGov to expand its team to support a rapidly growing customer base and enhance its product offerings.
BOSTON, MA — Leading Budget Cycle Management company, ClearGov, Inc., announces a $20MM strategic growth investment led by Frontier Growth, a growth equity firm specializing in supporting thriving software companies. The funding closed on December 10, 2021 and Frontier Growth Partner, Michael Ramich, will join ClearGov’s board of directors.
Frontier Growth’s strong background in the GovTech space, as well as its capital and operational support, will further accelerate ClearGov’s growth. In 2021, ClearGov was named to the Inc. 5000 list of Fastest Growing Private Companies in America and surpassed 500 customers. With funding and strategic guidance from Frontier Growth, ClearGov is excited to expand its team to support its fast-growing customer base, to expand and enhance its products to incorporate customer feedback, and to meet the growing demand for affordable and easy-to-use government budgeting software solutions.
“Given Frontier Growth’s deep experience in the GovTech sector and their enthusiasm for our market position, we felt they were a perfect fit to lead this round,” said Chris Bullock, ClearGov CEO & Co-founder. “With this new round and our strong momentum, we intend to fortify our leadership position in the local government budgeting and communications space.”
In 2021, ClearGov launched its new Capital Budgeting and Personnel Budgeting software solutions. In addition to the company’s existing Operational Budgeting, Digital Budget Book, and Transparency products, the two new products complete the company’s Budget Cycle Management suite. ClearGov’s Budget Cycle Management suite is an integrated platform that provides everything local governments need to collect, create, and communicate all aspects of their budget processes. While each product can be used separately, full-suite clients quickly realize levels of collaboration, efficiency and transparency that are far greater than the sum of its parts.
“When we’re evaluating growing software companies to invest in, strong financials are only the beginning. In addition to ClearGov’s proven track record and potential for growth, we were impressed with their commitment to modernizing the local government budget process. A more efficient budget process saves governments time and money, promotes transparency, and makes critical financial data more accessible to its citizens. That’s the kind of company worth investing in,” said Michael Ramich, Frontier Growth Partner.
“Frontier Growth has a tremendous track record for helping rapidly growing tech companies accelerate their ability to scale even faster,” said Bryan Burdick, ClearGov President & Co-founder. “We are excited to put this capital infusion to work to ensure that we continue to support our current customers and bring modern software solutions to even more local governments.”
About ClearGov: ClearGov® is the leading provider of Budget Cycle Management software, focused on helping local governments and their department heads streamline the annual budgeting process by automating workflow, increasing collaboration, and centralizing data. ClearGov solutions are powerful enough to support local governments of every size, yet affordable enough for even the smallest towns and villages. Hundreds of communities across the country rely on our cloud-native Budget Cycle Management solutions to modernize their budget process.
About Frontier Growth: Frontier Growth supports the growth of software companies that have $5m to $30m in revenue by deploying both investment capital and operational expertise. The firm was founded with a culture that puts People Before Numbers, because it’s people that lead to real growth. With over 20 years’ experience and actively investing its fifth fund, Frontier respects that each of their companies represents someone’s life’s work. It’s why the firm’s explicit focus is to help them grow without stifling the innovation that’s made them successful.