The Florida venture landscape is maturing, and Govo Venture Partners is leading the charge by leaning into the complexities of the public sector. Following a successful first fund that defied a challenging 2022 market, Managing Partner Rob Panepinto and General Partner Jonathan Kilman are formally announcing the launch of Govo Venture Partners Fund 2, with a target of $100 million.
The move marks a significant scaleup from their Fund 1, signaling a growing appetite for “GovTech” – companies that either sell to government entities or navigate heavily regulated industries. “We feel like we’re at the right place, right time,” Kilman said.
The partnership between Panepinto and Kilman didn’t begin in a boardroom, but in the trenches of Orlando’s early tech scene over 15 years ago. The duo co-founded Canvs, a pioneering co-working space in the Orlando ecosystem, and ForgeGreen Bio, a provider of disinfecting solutions, during the pandemic.
Kilman, an attorney and chairman of Converge Public Strategies, saw firsthand how regulatory shifts could make or break a startup. He famously represented Lyft during the “ride-sharing wars,” unlocking value by helping the state of Florida authorize the service.
“Rob said to me, ‘Jonathan, you’re helping all these companies unlock value… but you’re not investing in them and getting the opportunity to help shape them and be a part of the real upside. Why don’t you do a fund?'” Kilman recalls, during an interview with Refresh Miami. “I said, ‘Well, I’d only do it if I had a partner like you’.”
Panepinto brought the operational “exit” muscle to the table. He previously scaled Connextions, a health insurance technology company, which was ultimately acquired by OptumHealth, a UnitedHealth Group Company, in 2011 – a deal driven largely by the tailwinds of the Affordable Care Act.
Validating the thesis
Govo currently has about $17 million under management. Established in 2022, Fund 1 is now nearly fully deployed across 13 companies, except for some money reserved for follow-ons, and has had one exit with another on the way. It’s currently a top 10 performer for its vintage based on Carta data for both DPI (Distributed to Paid-In Capital) and TVPI (Total Value to Paid-In Capital).
“Three years in, we’ve started to get people some money back,” Panapinto said. “We’ve validated the thesis, and now we want to do it bigger and better with this next fund.”
Govo’s “secret sauce” is its willingness to lead rounds for companies in the Seed to Series A stage – a rarity in Florida’s early-stage market.
“We prefer to lead because … the companies need more than capital,” Panepinto explains. “They need real understanding of the space and advice and counsel as well. To me, the best way to have that relationship with the entrepreneur is to also be the lead investor.”
Govo’s South Florida portfolio companies are Kind Designs, the 3D-printed seawall startup, CodeComply, which is streamlining the permitting process; optical companies Virtual Vision and spinout Virtual Lens, and Mavi and MedZown, which are innovating in mobility and healthcare, respectively.
Fund 2: Impact, scale, and Tim Tebow
As Govo looks toward its $100 million goal for Fund 2, they aren’t just attracting institutional LPs. In 2024, Florida icon Tim Tebow and his family office joined the firm as partners, drawn by the fund’s “unintentional” social impact.
While Govo isn’t technically a social venture fund, its focus on solving public problems – from sea-level rise to healthcare accessibility – aligns with impact-driven investors. “The companies we are investing in are oftentimes solving problems that government has,” says Panepinto. “They’re either helping make government better or more effective, or helping government solve some sort of public problem.” It’s that impact that attracted Tebow.
“We get to help find amazing people with amazing ideas and we get to help support them in a way that gives them a chance to succeed. They have incredible visions but just need a little belief, a little support, a little capital… and incredible things can happen,” said Tebow, who participated in a Govo event celebrating the launch of Fund 2 after speaking on eMerge America’s mainstage on Friday.
In addition to profits, Tebow went on to explain he is also focused on the other ROI – Return on Impact – and how the startup could “radically change your communities, your state, your country, your infrastructure.” To assess that, he looks at his own three P’s: people, product and purpose. Tebow, who runs his namesake charitable foundation, said he hopes to support people that “will take their success and then turn it into significance by using it for good.”
A ‘legit’ Florida story
While Govo looks nationally for deals, their heart – and their portfolio – remains in the Sunshine State. Eleven of their 13 companies are based in Florida, with six in South Florida alone. Two others have a strong connection to Florida. “That Florida story is legit,” Panepinto said. “It’s strategically where the state was going and is going, and at the same time it’s where we actually have our strongest connectivity and networks.”
Miami tech, in particular, has progressed much faster than Kilman imagined it would, citing significant traction in fintech, healthtech, proptech and crypto. “I think Miami is becoming a global business hub, and I don’t think it has to choose one or two verticals to be great at,” said Kilman, a Miami resident.
Govo expects its first close for Fund 2 in September 2026, with the first investment already lined up for an existing portfolio company. In an era where some investors shy away from the “bureaucracy” of government, Govo is running toward it, proving that navigating regulation is the ultimate competitive edge.
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