E-commerce site GovX.com said on July 31 that it completed an $11.5 million funding round to expand its service offerings.
La Jolla-based GovX operates an e-commerce site that caters exclusively to military and government personnel, offering merchandise and services at discounted prices as well as tickets to major organized sporting events.
Existing shareholders Alestra Ltd. and Arbor Group led the round. Also investing were principals from Star Avenue Capital; Seth Hamot, chairman of Spy Optic and a principal at Roark, Rearden & Hamot Capital Management: and Philip McConkey. Academy Securities managed the financing.
Thomas Davin, CEO of 5.11 Tactical, and David Alberga, a private investor and former executive chairman and CEO of The Active Network, joined the company board of directors.
The $11.5 million round makes up its series A and series B preferred stock financing. The new capital brings the company’s financing to $21 million.
The business has its offices in La Jolla’s central village area and has 60 employees in the San Diego area. Tony Farwell is executive chairman.