Total amount raised
$26 Millions
Latest funding date
03/01/2022
Location
Pavilion has successfully raised $24.4 million over two funding rounds, with $22 million in a Series A round and $2.4 million in a Seed round. The platform offers a free cooperative contract search service for government entities, helping public procurement professionals find suppliers, ensure compliance, and get quick responses.
Keep reading to explore the intricacies of Pavilion's fundraising journey and the investors backing this innovative platform.
What Is Pavilion?
Pavilion, founded in February 2018, is an IT company based in San Francisco, California. The company was established by Alicia Chen and Mariel Reed. Pavilion operates within the government, information services, information technology, marketplace, and procurement industries.
With a team of 11-50 employees, Pavilion aims to enhance public service delivery by providing shareable contract services. The platform offers a free cooperative contract search service for government entities, helping public procurement professionals find suppliers, ensure compliance, and get quick responses.
How Much Funding Has Pavilion Raised?
- Convertible Note
- Amount Raised: $100,000
- Date: July 2018
- Lead Investors: Forum Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure initial funding for developing the platform and establishing early operations.
- Seed Round
- Amount Raised: $1,500,000
- Date: May 2019
- Lead Investors: Leadout Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build a marketplace for shareable contracts and optimize public procurement.
- Seed Round
- Amount Raised: $2,400,000
- Date: May 2020
- Lead Investors: Neo
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand services and enhance technology for better public procurement solutions.
- Series A
- Amount Raised: $22,000,000
- Date: March 2022
- Lead Investors: Forerunner
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve service delivery to public procurement professionals.
Total Amount Raised: $26,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Forerunner
- Details: Forerunner is a venture capital firm that invests in early-stage companies. They focus on consumer-oriented businesses and have a strong track record of supporting innovative startups.
- Investment Focus Areas: Consumer, retail, technology, e-commerce, marketplaces
- Notable Investments: Warby Parker, Glossier, Dollar Shave Club
- Neo
- Details: Neo is a venture capital firm that supports early-stage technology companies. They are known for their hands-on approach and strong network of industry experts.
- Investment Focus Areas: Technology, software, artificial intelligence, marketplaces, fintech
- Notable Investments: Airbnb, Dropbox, Palantir
- Leadout Capital
- Details: Leadout Capital is an early-stage venture capital firm that invests in technology-driven companies. They focus on providing strategic support and resources to help startups scale.
- Investment Focus Areas: Technology, software, marketplaces, fintech, healthtech
- Notable Investments: Not publicly disclosed
- Forum Ventures
- Details: Forum Ventures is a venture capital firm that specializes in early-stage investments. They focus on helping startups grow through mentorship and strategic guidance.
- Investment Focus Areas: Technology, software, SaaS, marketplaces, fintech
- Notable Investments: Not publicly disclosed
What's Next for Pavilion?
Pavilion stands at the cusp of a significant opportunity to revolutionize public procurement. With local U.S. governments wasting $300 billion annually on purchasing inefficiencies, Pavilion's marketplace for shareable contracts could save time and money for government buyers while reducing costs for suppliers. The platform's success in pilot programs in Kansas City, MO, and Portland, OR, highlights its potential to expand to more metro areas, engaging a broader range of businesses and reinvesting taxpayer dollars into communities.
Future fundraising opportunities look promising as Pavilion continues to demonstrate its value. The success of current pilots could attract further investments, enabling the company to scale its operations and technology. However, challenges remain, such as convincing more local governments to adopt the platform and ensuring the technology scales effectively. Overcoming resistance to change in traditional procurement processes will be crucial for Pavilion's continued growth and success.
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