The company intends to use the new capital to further expand within the federal government and other markets, including state and local government, and commercial markets.
Following the investment, Revolution Growth, which was launched in December 2011 by Steve Case, Ted Leonsis and Donn Davis, will be the largest investor in the company. In conjunction with the funding, Leonsis has been named Chairman of FedBid’s Board. Casey and Mark Walsh, co-founder and CEO of GeniusRocket, are joining FedBid’s Board, which includes Kim Cooke, Founder and Managing Director of Blue Water Capital.
Led by CEO Ali Saadat, FedBid has created a fully managed online marketplace that allows qualified companies compete to sell goods and services to commercial and government buyers.