Legal Entity Management Software Company Athennian Raises $10 Million CAD 

By Amit Chowdhry ● September 9, 2020
  • Athennian, developers of the leading cloud-based legal entity management software, announced that it has raised $8 million in Series A funding

Athennian — developers of the leading cloud-based legal entity management software — announced that it has emerged after 3 years of stealthy growth and product development and it has raised $8 million in Series A funding 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. Along with Arthur Ventures — whose General Partner Patrick Meenan has joined Athennian’s board — the funding round is supported by Round13 Capital, InterGen Capital, ATB Financial, and existing investors Thin Air Labs, BlueSky Equities, Viewpoint Capital, Strategic Equities, and several others.

The company’s software is used by legal departments and professional services firms for automating subsidiary and entity management. And the funding round will be used to accelerate product-led growth and invest in scaling Athennian’s cloud infrastructure to support its growing global customer base. 

Legal entity management software has been typically used to centralize director, officer, shareholder, tax, and other entity data for creating a single source of truth. And to add efficiency, Athennian integrates document generation, eSignatures, e-filing, and project management to automate workflows like entity formation, appointments, transactions, and annual compliance.

KEY QUOTES:

“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. Our revenue acceleration reflects the hard work our team and customers have undertaken to transition that data and workload into the cloud.”

— Adrian Camara, CEO of Athennian

“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.” 

— Andre Garber, Partner at Fasken

“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.”

Patrick Meenan of Arthur Ventures

“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.”

James Lochrie, Athennian board member and co-founder of Wave Financial — which was recently acquired by H&R Block