GovX.com, an online shopping platform for verified military and federal, state and local government personnel, announced the completion of a $11.5 million Series A and Series B financing rounds to expand its service offerings. This brings the total invested capital in the company to just over $21 million.
In addition, the company announced that Thomas Davin, CEO of 5.11 Tactical, and David Alberga, a private investor and former executive chairman of The Active Network, have joined the GovX, Inc. board of directors.
Founded in 2011, GovX.com was created with the mission of supporting and recognizing those who serve our country and communities by providing privileged pricing and services for a broad range of popular apparel, sunglasses, outdoor and active sports gear, tech gear, select lifestyle products and an array of on-duty tactical gear.
GovX also operates a ticketing platform, serving this same verified market of military and government employees. GovX’s ticketing relationships include teams from MLB, NFL, NBA, NHL, MLS, select major college sports, auto racing, UFC as well as the promoters, producers, or owners of many other popular events and concerts. GovX has over 65,000 events within its ticketing service and integrates with Ticketmaster along with other large ticketing platforms.
Tony Farwell, executive chairman and co-founder of GovX.com, stated:
“At GovX.com, our entire team is passionate about creating unique and distinguishing benefits for this deserving group and we will use this capital to fund our rapidly growing technical infrastructure, expansion of our talented team, and patent-pending online verification technology. With our gross revenues having increased over 250 percent last year and expected to double this year and next, the proceeds from our preferred stock offering will finance the expansion of our services while further enhancing the experience for our uniquely deserving community.”
In only three short years, GovX.com has experienced unprecedented growth, counting nearly 100,000 product SKUs, nearly 500 premium brand partners and a network expected to soon exceed two million active members.
“We are honored to announce that Thomas Davin and David Alberga have joined our board of directors.” Mr. Davin was a captain in the U.S. Marine Corps and has led 5.11 Tactical’s impressive growth charter over the past four years. He previously served as CEO of Panda Express and COO of Taco Bell. He is a graduate of Duke University and Harvard Business School and is an energetic, strategic leader who is also active in U.S. Veteran causes.
“David Alberga served as an executive chairman of The Active Network, Inc., where he previously served as CEO for over 13 years. He took The Active Network public before it was acquired in late 2013 for $1 billion. Prior to joining The Active Network, Mr. Alberga was the COO of CitySearch at Ticketmaster Online-CitySearch. He served in the U.S. Army after graduating from the United States Military Academy at West Point and later received an MBA and Master of Arts from Stanford University.”
Both of these distinguished U.S. Veterans join Phil McConkey on the GovX board of directors. Mr. McConkey graduated from the U.S. Naval Academy, served as a Navy pilot and is one of the very few to serve in the U.S. Military and later play in the NFL. Mr. McConkey is president of Academy Securities, a U.S. Veteran-based investment banking firm with offices in New York, Chicago and San Diego.
“GovX is proud to be the beneficiaries of their good counsel and, of course, they represent part of the tremendous pool of U.S. Veteran talent that become extraordinary industry leaders.”
This financing round was led by Alestra Ltd. and Arbor Group, who are existing shareholders, along with principals from Star Avenue Capital, Seth Hamot, chairman of SPY Optic and a principal at Roark, Rearden & Hamot Capital Management, and Philip McConkey. The financing was managed by Academy Securities.
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