Blog Post – Investors in B2G Spaces: Key Insights from Ibrahim Koeran and Adriano Pitoli

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Investors in B2G Spaces

Key Insights from Ibrahim Koeran
and Adriano Pitoli at G4I 2025

Investors in B2G Spaces

The rapidly evolving GovTech sector is creating new opportunities for investors, particularly in the B2G (Business to Government) space, where technology plays a pivotal role in transforming public services. During the interactive session on “Investors in B2G Spaces” at the GovTech 4 Impact World Congress (G4I) 2025, Ibrahim Koeran, Head of GovTech at Heliad AG, and Adriano Pitoli, Head of Fundo GovTech at KPTL, shared their perspectives on the current landscape and future prospects of GovTech investments. 

Ibrahim Koeran: A European Perspective on GovTech Investment 

Ibrahim Koeran, representing Heliad AG, began the session by highlighting the increasing momentum behind GovTech investments in Europe. Koeran stressed that GovTech is no longer just about technology; it is deeply intertwined with the transformation of public administration, emphasizing that technology, cultural change, and progress must go hand in hand. As governments face increasing demands for efficiency, transparency, and security, tech investments are crucial for building sustainable digital infrastructures. 

Koeran shared a breakdown of Heliad’s approach to GovTech investments, focusing on three main pillars: 

  1. Security: Investment in technologies that improve public safety and security, often with dual-use capabilities (civilian and military). 
  2. Public Digital Infrastructure: Technologies that enable governments to build resilient, cloud-based infrastructures, improving digital identity management and public service delivery. 
  3. Digital Government: The transformation of e-government into fully digital government systems, using technologies like AI to enhance interaction with citizens and improve service delivery. 

Koeran also pointed out a significant finding from the World Economic Forum’s January 2025 report, which predicted massive growth in the GovTech sector, with a total addressable market already larger than the global fintech sector. He noted that while the sector presents a vast opportunity, it is still underfunded compared to other tech sectors. This gap in investment presents a critical chance for forward-thinking investors to make a meaningful impact while enabling governments to become more efficient. 

Adriano Pitoli: GovTech Investment in Brazil and Beyond 

Adriano Pitoli, leading Fundo GovTech at KPTL, provided a contrasting yet complementary perspective from Brazil. He introduced the fund’s mission to promote digital transformation in Brazil’s public sector by investing in GovTech startups that aim to improve public service delivery. Pitoli highlighted the challenges faced by Brazil’s municipalities, where over 5,500 local governments still struggle to access quality digital public services. According to Pitoli, these challenges present a major opportunity for GovTech solutions to fill the gap, particularly in smaller cities where digital infrastructure is underdeveloped. 

Pitoli also expanded on his fund’s investment thesis, focusing on impact investments. He believes that GovTech should not only deliver technological innovation but also measurable public value, particularly in critical sectors like healthcare, education, urban mobility, and public safety. His fund’s portfolio includes several key investments in Brazil, such as Colab, a platform for improving citizen-government relationships, and Augen Engenharia, which uses AI to monitor water quality. 

The conversation turned to global expansion opportunities, with Pitoli emphasizing how Brazil could act as a springboard for exporting GovTech solutions to other Latin American countries and even globally. In particular, he pointed out that the successful digital transformation initiatives in Brazil, such as the country’s electronic ballot boxes and Pix payment system, have positioned Brazil as a leader in GovTech innovation.

Key Takeaways and the Future of GovTech 

Both Koeran and Pitoli agreed that the B2G investment space is poised for significant growth but requires continued innovation and collaboration. The future of GovTech lies in its ability to not only enhance governmental operations but also drive societal change by creating inclusive and accessible public services. As more governments turn to technology to address pressing challenges—ranging from climate change to cybersecurity—the demand for GovTech solutions will only increase. 

In summary, as both European and Latin American markets recognize the need for digital transformation in public administration, the investment potential in GovTech has never been greater. The insights shared by Ibrahim Koeran and Adriano Pitoli at G4I 2025 underscore the crucial role investors will play in shaping the future of governance through technology. Their discussion provided a thought-provoking look at how technology can drive economic prosperity, security, and social inclusion in the public sector, making GovTech an exciting and impactful area for investment. 

The session was a powerful reminder that innovation in governance is not just about business—it’s about creating a better future for societies worldwide.