Athennian emerged today, after 3 years of stealthy growth and product development, to reveal an $8 million Series A investment, led by Arthur Ventures, and a previously unannounced $2 million seed financing round from Q3 2019, bringing the total level of funding to $10 million.
Based in Calgary, Athennian’s software is used by legal departments and professional services firms to automate subsidiary and entity management. The new funds will be used to accelerate product-led growth and invest in scaling Athennian’s cloud infrastructure to support its growing global customer base.
Alongside, Arthur Ventures, whose General Partner, Patrick Meenan, has joined Athennian’s board, today’s funding round is supported by Round13 Capital, InterGen Capital, ATB Financial, and existing investors: Thin Air Labs, BlueSky Equities, Viewpoint Capital, Strategic Equities, and others.
“The legal entity management market has very high barriers to entry that protected on-premise incumbents operating like monopolies for decades. Athennian brings the first, true enterprise cloud platform with consumer-grade user experiences into the category,” said Adrian Camara, CEO of Athennian. “Our revenue acceleration reflects the hard work our team and customers have undertaken to transition that data and workload into the cloud.”
Legal entity management software has historically been used to centralize director, officer, shareholder, tax, and other entity data to create a single source of truth. To add efficiency, Athennian integrates document generation, eSignatures, e-filing, and project management to automate workflows, such as entity formation, appointments, transactions, and annual compliance.