Foundry Pier, a 28-employee software startup based in DUMBO, closed a $48 million Series B financing on April 8 at a $310 million post-money valuation, according to filings with the Department of Financial Services and confirmed by the company’s CEO in a Tuesday interview. Andreessen Horowitz led, with existing investors Sequoia Capital, Lux Capital, and Bessemer Venture Partners participating.
The round closed without a press release — a deliberate choice, CEO Naomi Vasquez said in the interview, that reflects the company’s customer base of state and city government IT departments. “Our customers don’t want to read in TechCrunch that their procurement vendor just raised at a unicorn-track valuation. It’s better for everyone if we just keep building.”
The financing puts Foundry Pier on a 12-to-18-month runway based on its current burn rate. The company will use the capital to expand its engineering team — currently 14 of the 28 employees — and to fund a new state-government sales channel.
What the company does
Foundry Pier sells software to municipal and state procurement offices. The product applies large language models — specifically a fine-tuned version of Anthropic’s Claude API — to the workflows that dominate government procurement: RFP drafting, vendor proposal evaluation, and contract compliance review. The company’s pitch is straightforward: a workflow that takes a procurement officer 14 to 26 hours can be reduced to 3 to 5 hours.
Customers include the New York City Department of Citywide Administrative Services, the Massachusetts Operational Services Division, and the Washington State Department of Enterprise Services. The company declined to disclose specific contract values but said its 2025 ARR was approximately $4.7 million across 11 paying customers.
The product launched commercially in March 2024 after a year of pilot work with the City of Philadelphia. Vasquez, a former Google product manager, founded the company in early 2023 with co-founder and CTO Ravi Anand, formerly at Palantir’s federal systems team.
The market
The pitch to investors is built around the size of the state-and-local procurement market. According to data from Bloomberg Government, U.S. state and local governments collectively spend approximately $2.3 trillion annually on procurement. “There’s about $40 billion of state-and-local procurement that flows through workflows we can directly touch,” Vasquez said.
Andreessen Horowitz’s lead came through partner Sarah Wang, who joined Foundry Pier’s board as part of the financing. In a brief statement Tuesday, Wang said the firm sees the company as “the canonical example of how applied LLMs reshape large boring categories that nobody else is paying attention to.”
Why Brooklyn
The company’s office at 55 Washington Street in DUMBO houses 22 of the 28 employees; six are remote. “Half our buyers are in New York or three hours from it. We’re an East Coast company in spirit,” Vasquez said.
A $48 million round at a $310 million valuation puts Foundry Pier in roughly the top decile of Brooklyn-headquartered company financings since 2023.