The new investment will accelerate adoption of Glass Commerce, a first-of-its-kind e-commerce marketplace for government purchases without bids or paperwork.
SAN FRANCISCO, CA / ACCESSWIRE / May 1, 2023 / GLASS secures $3 million in funding from leading e-commerce and government procurement investors including New Age Capital, Newtopia VC and Alcove Capital, among others. GLASS is a Silicon Valley startup that's pioneering government e-commerce, revolutionizing a global $3.7 trillion industry.
Together, investors will fuel the growth and innovation of GLASS' breakthrough products and services including the company's flagship product, Glass Commerce, an e-commerce marketplace enabling compliant transactions between government buyers and verified vendors, including small businesses, without bids or paperwork. Glass Commerce is designed to power local Business to Government (B2G) relationships resulting in the purchase of goods, services, software and rentals under $25,000 dollars.
"GLASS has enabled U.S. government agencies to procure over 5.8 million items in record time. Through our products, GLASS aims to transform governments with category-defining e-commerce solutions," said Paola Santana, founder and CEO of GLASS. "We are thrilled to have the support of our investment partners as we build a company that streamlines small government purchases, and empowers vendors, both big and small, to sell to the largest purchasers in the world, while also simplifying the decision-making process for public employees."
The $3 million investment will play a crucial role in propelling GLASS to expand its impact throughout U.S. government agencies. With a market opportunity of $800 billion in the U.S. and $3.7 trillion globally, there is significant potential for growth and innovation in the government procurement space. Surpassing $4 million in sales, Glass Commerce has rapidly impacted the industry becoming a major player: powering local government marketplaces for small purchases, streamlining operations, and leveraging procurement data for over 31 Federal, State and Local government agencies including State of Florida, State of Illinois, City of Seattle and Mexico City.
GLASS' team, encompassing of tech and innovation leaders in their respective fields and company founder, Paola Santana, Fulbright scholar, lawyer, 2x tech entrepreneur and expert in government procurement, developed a platform which earned the recognition as a Top 10 e-Governance Solutions by GovCIO and SXSW's Top 5 Startup of the Year. GLASS is a testament to the value of its product, team and the impact the company can have transforming government procurement operations on a global scale.
What investors are saying about GLASS:
"GLASS is positioned to capture a unique opportunity at the intersection of digital innovation and government procurement," shared Ivan Alo, co-founder, New Age Capital. "We love to invest in companies in which software can solve an immediate need within legacy industries and where early adoption is driven by the founders domain expertise and unique insights. Most investors tend to avoid startups that sell to the government due to the perception that the sales cycle is too long and bureaucratic. In the case of GLASS, Paola's expertise in government procurement coupled with the team's clear ability to attract government clients with their product offering leads us to believe GLASS will unquestionably be the dominant player in the market over the long term."
"Look for founders who are aiming to solve massive problems and transform the industries where they operate. GLASS' goal is to build the next generation of public procurement platforms in a multibillion-dollar and legacy industry that can not remain immune to the technological and digital revolution," shared Sara Gandini Gubinelli, Investment Analyst at Newtopia VC. "Moreover, the founding team deeply understands the industry, which is necessary for strategically achieving its vision. We are happy to have partnered with GLASS to continue working towards a more efficient process that impacts the allocation of public funds, making GLASS the number one platform for government procurement."
"One Planet VC is thrilled to have invested in GLASS, a revolutionary company that perfectly aligns with our investment philosophy and focus areas," shared Samantha Brachat, Associate at One Planet VC. "GLASS is leading the way in creating sustainable practices and making a positive impact on society through innovative, tech-enabled solutions. Our investment in GLASS represents our commitment to promoting innovative, sustainable solutions and we are excited to support GLASS in achieving its goals."
The funding, along with investor and advisor support, will enable GLASS to accelerate its growth both nationally and internationally. The $3 million in funding has been made possible with investors including New Age Capital, as the lead investor, followed by Newtopia VC, Alcove Capital, SV Links, Kittyhawk Ventures, One Planet VC, Worldgate Group, Alchemist Accelerator and Tubbs Ventures. In addition to the funds, GLASS has secured a powerful group of advisors including Jim Williams, Steve Yankovich, Will Clarke, Marc Shillum, and Dr. Yvonne Cagle.
More About GLASS
GLASS is a Silicon Valley e-Commerce startup revolutionizing how governments buy. Through Glass Commerce, the startup is on a mission to simplify every single government transaction - starting with small purchases. Since 2020, GLASS has supported government agencies to procure over 5.8 million items from verified businesses, leveraging procurement data and streamlining operations across 31 Federal, State and Local agencies including the State of Illinois and the City of Seattle. GLASS has been ranked in GovCIO's Top 10 e-Governance Solutions and shortlisted in SXSW's Top 5 Startup of the Year. For more information visit www.discover.glass. Learn more about GLASS' government marketplaces at www.commerce.glass.
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