Revolution Growth fund invests in FedBid

On January 17th, the Revolution Growth fund announced its first investment in Vienna based FedBid.  As Ted Leonsis explained, FedBid “has the potential to revolutionize the way the federal government buys goods and services by creating a fully managed online marketplace in which companies compete to sell to the government – saving taxpayers hundreds of millions of dollars, improving transparency, and opening doors for small businesses.”

Ted shared further insights about the hopes for Revolution Growth’s investment in FedBid in a Washington Post article:

“We want to do speed-up capital, where we will make an investment of size and help the entrepreneur break out and build a big, scalable company,” Leonsis said. “This is a company already on a path to do more than $2 billion on the top line and now [can] go into new markets like state and local government purchasing agents. We are going to provide the growth capital so the company can grow top-line revenues.”

Read more about Revolution Growth’s investment in FedBid in this GigaOm article and in our press release.