The closing of the Weatherford Capital Fund II comes more than three years after the Florida-based investment firm raised $355 million.
Three brothers founded Weatherford in 2015, including Will Weatherford, its managing partner and the former Florida House of Representatives speaker from 2006 to 2014.
The firm says it has more than $1 billion of assets under management.
Weatherford’s gov tech activities include backing San Francisco-based OpenGov, which sells software for budgeting, planning, procurement and other tasks. Last year, Cox Enterprises became a majority shareholder in OpenGov.
Bus Patrol, which sells safety technology for school buses, stands as one example of a recent Weatherford investment.
"We believe our decade-long, market-leading investment thesis in the gov tech industry continues to bear fruit and thus headlines our approach to Fund II," Will Weatherford said in a statement.
Another sign of the growing power of private equity in gov tech came earlier this year when process management software provider OPEXUS merged with Casepoint, which helps governments use artificial intelligence to handle and analyze data. Private equity firm Thoma Bravo made a majority investment in Casepoint and Opexus.
