E-Commerce site GovX.com raises $11.5 million

GovX.com, a San Diego e-commerce website for military and other government employees, has raised $11.5 million in a preferred stock offering to expand the 4-year-old business.

Existing shareholders Alestra Ltd. and Arbor Group led the round. Seth Hamot, chairman of Spy Optic, private investor Philip McConkey and principals with Star Avenue Capital also participated.

The financing brings the total amount raised by GovX to $21 million.

GovX.com is an e-commerce website that offers discount pricing for a verified members of the military. It also is open to federal, state and local police, fire and other government employees. GovX sells apparel, sunglasses, outdoor and active sports gear, tech gear and lifestyle products. It also carries on-duty tactical gear.

The company has 100,000 products on its website and expects to top 2 million members soon.

“With our gross revenues having increased over 250 percent last year and expected to double this year and next, the proceeds from our preferred stock offering will finance the expansion of our services while further enhancing the experience for our uniquely deserving community, said co-founder and executive chairman Tony Farwell in a statement.

GovX also operates an event ticket platform for military and government employees. It has relationships with from Major League Baseball, the NFL, the NBA, Major League Soccer and other event and concert providers.

The company said Thomas Davin, chief executive of 5.11 Tactical and former chief operating officer at Taco Bell, has joined its board of directors. David Alberga, former executive chairman of The Active Network, also has been added to the GovX board.