Thentia, which this year closed a C$10 million Series B financing led by Spring Mountain Capital, has secured a C$15 million credit facility. The facility was provided by Canadian venture debt firm Espresso Capital. Based in Toronto, Thentia is a software-as-a-service provider to the government technology sector. Its other backers include BDC Capital’s Industrial, Clean and Energy Technology Venture Fund.
Toronto, October 6, 2021 — Thentia, a global leader in GovTech software as a service (SaaS), announced today that it has secured a $15 million credit facility to support key investments and acquisitions as the company accelerates its rapid expansion into new markets. This latest financing marks Thentia’s third financing from Espresso Capital, a leading provider of venture debt solutions, and its second major capital event this year.
Thentia has partnered with licensing agencies across more than 90 occupations and industries coast-to-coast to help them achieve regulatory excellence using its proprietary cloud-based licensing platform, Thentia Cloud, a turnkey cloud software solution that supports all critical regulatory functions, including license registration and renewals, quality assurance, complaints management, governance, finance, document management, analytics, and more. The company has seen impressive growth in 2021, increasing its employee base by 300% in just the past two quarters with the majority of new employees based in the U.S.
Thentia and Espresso Capital first partnered in September 2018 on an initial venture debt round that helped Thentia expand its suite of enterprise technology solutions. In 2019, the credit facility was upsized.
Partnering with Espresso on this $15 million credit facility will allow Thentia to continue to fuel its rapid ascent to the top of GovTech by enabling the company to continue executing on its key strategies while making important investments and acquisitions to enhance its core offerings, provide exceptional customer service to new and existing clients, ramp up its sales and marketing efforts to reach new audiences, and to introduce new products and services that deliver incremental revenue opportunities.
This financing for Thentia comes on the heels of a $10 million Series B investment in May 2021 led by New York City-based Spring Mountain Capital with participation from BDC Capital. The investment fuelled significant expansion in the following months, as Thentia made inroads on achieving its vision of becoming the preferred technology partner for regulators across all 50 U.S. states and Canada’s 10 provinces and three territories. In September 2021, the company announced its official entry into Quebec’s regulatory market, and just two weeks later was named the state-supported software provider for occupational licensing in the State of Oklahoma.
Julian Cardarelli, Thentia’s Chief Executive Officer, says he is thrilled to continue the long-term partnership with Espresso Capital. “In selecting Espresso as our lending partner back in 2018, I was convinced that their unique capabilities provided the best growth platform for Thentia. This latest investment shows the confidence that Espresso has in Thentia to become the dominant player in the occupational licensing and government technology industries,” he says. “We’re looking forward to continuing our work with Espresso and other key players in the investment ecosystem as we accelerate our growth in the Canadian, U.S., and EMEA markets.”
“We’re excited to expand our partnership with Thentia and to support the company on this next step in their growth journey as they continue to expand into new markets, further enhance their product, and accelerate their go-to-market strategy,” says Will Hutchins, Managing Director, Espresso Capital. “This upsized facility gives them the additional capital to expand their business while pursuing a number of important opportunities across North America and the EMEA region.”
Thentia was advised on the financing round by Blake, Cassels & Graydon LLP.
Founded in Canada, with operations in the U.S. and trusted by regulatory agencies in North America and worldwide, Thentia was developed by subject matter experts with a mission to transform GovTech through best-in-class technological capabilities. Its secure, modern and elegant solution, Thentia Cloud, is revolutionizing the way 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.