Athennian, developers of a cloud-based legal entity management software, has secured an USD8 million Series A investment, led by Arthur Ventures, and a previously unannounced USD2 million seed financing round from Q3 2019, bringing the total level of funding to USD10 million. 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.
Athennian’s software is used by legal departments and professional services firms to automate subsidiary and entity management. The funds will be used to accelerate product-led growth and invest in scaling Athennian’s cloud infrastructure to support its growing global customer base.
“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,” says 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 centralise 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.
Andre Garber, Partner at Fasken, comments: “We have used Athennian to digitally augment our corporate legal practice. We are now automating traditionally manual work, such as entity formation, stock transactions and corporate records management through Athennian’s document assembly, eSignature, and streamlined data management platform.”
Meenan adds: “Businesses are operating in an increasingly volatile, uncertain and complex environment. As a result, in-house legal teams and paralegals have seen their workloads increase dramatically, driving a need for more automation. Athennian’s rapid growth is a testament to their market-leading product. Arthur Ventures is thrilled to lead this financing round.”
James Lochrie, Athennian board member and co-founder of Wave Financial, which was recently acquired by H&R Block, says: “Athennian is aggregating supply and demand for corporate legal and governance services in one platform. Very rarely do we get opportunities like this in technology. When we do, they become massively important companies. Athennian is on track to completely re-engineer how business entities lifecycles are managed globally.”
