Toronto, April 19, 2022 – Thentia, an industry-leading government software-as-a-service (SaaS) provider, announced today it has closed an additional $10 million Series B1 investment led by existing investors Spring Mountain Capital and BDC Capital.
This latest investment further deepens Thentia’s relationship with New York City-based Spring Mountain Capital and BDC Capital, building on an initial $10M Series B round in spring 2021 that helped the company accelerate its go-to-market strategy and grow its position across the U.S. as the industry-leading SaaS platform for the government technology sector. Thentia provides its technology to agencies located in nearly two thirds of the North American market.
The announcement comes during a period of significant growth and achievement for Thentia, which was recently named one of the 100 Fastest Growing Companies in Toronto 2022, ranking in the top third of companies based on funding, employee growth, revenue, and other notable growth triggers. Over the past year-and-a-half, Thentia has grown its employee base by 300% and has significantly expanded its customer base in new and existing markets across North America, now with more than 8.5 million active licensees across the globe using its platform, Thentia Cloud, a revolutionary end-to-end software-as-a-service solution for government.
This additional funding will enable the company to invest aggressively across all parts of the business, including growing and enhancing its product and engineering, while also scaling customer-facing services and support teams, with the goal of creating a world-class customer experience across all markets.
Following its success within the State of Oklahoma, Thentia is pleased to announce that it is opening its regional headquarters in Oklahoma City to serve the needs of its Oklahoma clients and those of adjacent States effective immediately. Thentia’s workforce is distributed evenly across the United States and Canada, with a new regional team growing in the United Kingdom to focus on European markets.
“Thentia’s robust and innovative platform provides an essential solution for government agencies wishing to achieve digital transformation in their organizations, allowing them to move their processes into the 21st century while providing the best user experience for citizens as well as critical data that will aid in decision-making,” says Jamie Weston, Managing Director, Spring Mountain Capital. “We’ve been incredibly impressed by Thentia’s performance as it gains traction in markets across the U.S., and we’re thrilled to continue supporting its growth with this latest investment.”
Sean Brownlee, Partner of BDC Capital’s Industrial, Clean and Energy Technology (ICE) Venture Fund, says Thentia’s tremendous success is a testament to its world-class team with deep expertise in regulation. “Thentia has assembled a top-tier team of visionary leaders and regulatory experts that truly understand their clients’ needs because they have firsthand insight into the problems they face every day,” says Brownlee. “This expertise allowed them to develop a sophisticated cloud-based solution that supports key regulatory functions and has successfully disrupted the underserved regulatory licensing industry.”
Thentia Chief Executive Officer, Julian Cardarelli, says he is grateful for the continued support of Thentia’s partners as the company makes significant strides in fulfilling its ambitious goals, including becoming the state-supported cloud-based agency software provider across all 50 U.S. states and the leading provider, globally. “SMC and BDC have been incredible partners and their support has been crucial in Thentia’s success over the past year as we grew our client base, evolved our product, and made major inroads in markets across the U.S.,” he says. “This additional funding positions us to scale more rapidly to meet the incredible response to our platform in every market that we are entering.”
Thentia’s rapid growth and success have also attracted the attention of other leading North American investors. In 2021 and 2018, Thentia partnered with Espresso Capital on two credit facilities that supported key investments and acquisitions.
Thentia was advised on the financing round by Blake, Cassels & Graydon LLP.
Thentia is a global company with teams operating in the United States of America, the United Kingdom, and Canada and is trusted by regulatory bodies and government agencies worldwide with more than 8 million active licensees across the globe using its platform. Thentia was developed by subject matter experts with a mission to transform government technology through best-in-class capabilities. Its secure, modern and elegant solution, Thentia Cloud, is revolutionizing the way regulatory bodies and government agencies manage data and licensing by bringing the entire process into the 21st century with speed, automation, ease of use, and best-in-class support. For more information, visit thentia.com.
About Spring Mountain Capital
Spring Mountain Capital is a New York-based private investment management firm that focuses on alternative asset investing. The SMC Growth equity team focuses on providing expansion capital to companies capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. SMC invests in two sectors of the U.S. economy undergoing the most change and with the highest growth potential: enterprise technology and healthcare companies. For more information, visit: smcgrowthcapital.com.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
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