Funding will fuel rapid growth and support Thentia’s unprecedented expansion across North America
Thentia, an industry-leading government software-as-a-service (SaaS) provider, announced 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.
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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.”
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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.
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