GLASS raises $3 million in funding for its e-commerce platform
It seeks to streamline the way government agencies buy from small businesses.
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GLASS, a Silicon Valley startup pioneering government e-commerce, recently announced new funding to accelerate adoption of Glass Commerce, the first-of-its-kind e-commerce marketplace for government purchases without bidding or paperwork.
Touted as an e-commerce startup disrupting a $6.3 trillion global industry, the $3 million raised came from some of the top U.S. e-commerce and government procurement investors, including New Age Capital, Newtopia VC and Alcove Capital.
Paola Santana, founder and CEO of GLASS, said through a statement:
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.
About Glass Commerce
With this new financial injection, the objective is to strengthen and accelerate the growth of what is considered the company's flagship product.
The e-commerce marketplace that enables compatible transactions between government buyers and verified suppliers, including small businesses, is designed to empower local government (B2G) business relationships that result in the purchase of goods, services, software, and rentals for less than $25,000.
After surpassing $4 million in sales, the startup points out that Glass Commerce has quickly impacted the industry by becoming a significant and prominent player.
This has allowed operations to be streamlined and procurement data taken into account for more from 31 federal, state, and local government agencies, including the State of Florida, the State of Illinois, the City of Seattle, and Mexico City.
“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,” added Santana.
We've just secured $3 million in funding from leading investors in the e-commerce and government procurement space! We're thrilled to share this milestone with you all as we continue working towards revolutionizing how governments buy https://t.co/2XyZBK36cg pic.twitter.com/0zGmVv2Mnl— GLASS (@discover_glass) May 1, 2023
“GLASS is positioned to capture a unique opportunity at the intersection of digital innovation and government procurement. 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,” shared Ivan Alo, co-founder of New Age Capital.
For her part, Samantha Brachat, associate at One Planet VC, noted: “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.”
“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,” said Sara Gandini Gubinelli, investment analyst at Newtopia VC.
Since 2020, GLASS has helped government agencies procure more than 5.8 million items from verified companies, leveraging procurement data and streamlining operations.