Thentia, a Toronto-based software-as-a-service platform for the government technology sector, has collected $10 million in a Series B financing. The round was led Spring Mountain Capital, with participation from BDC Capital’s Industrial, Clean and Energy Technology Venture Fund.
NEW YORK, May 4, 2021 /CNW/ – Thentia, a global leader in GovTech Software-as-a-Service (SaaS), announced today it has closed a $10 million Series B investment led by New York City-based Spring Mountain Capital with participation from BDC Capital. Thentia will use this equity financing to 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 will use the $10M investment to support the growth of its cloud-based SaaS solution, Thentia Cloud, across the U.S.
Founded in Canada with operations in the U.S., Thentia is on a mission to transform government technology through best-in-class capabilities. Its modern and elegant solution, Thentia Cloud, is revolutionizing the way agencies manage data by bringing the entire process into the 21st century with speed, automation, ease-of-use and best-in-class service.
This Series B financing represents Spring Mountain Capital’s first investment from its newest third fund, SMC Growth Capital Partners III, and the firm’s first-ever Canadian investment. With a focus on providing expansion capital to companies capitalizing on breakthrough innovations and digital transformation, Spring Mountain Capital was quickly attracted to Thentia’s robust and innovative SaaS solution and its unrivaled ability to streamline operations for its clients.
“Thentia provides a much-needed solution for government agencies looking to meet the needs of their stakeholders in a way that exceeds their digital expectations,” says Jamie Weston, Managing Director, Spring Mountain Capital. “We believe the move to Thentia Cloud will be a must for governmental organizations wishing to administer the best user experiences while providing deep data visibility to their own organizations.”
Weston adds that the U.S. GovTech space is lagging in digital transformation, with many U.S. agencies relying on manual, paper-based systems and archaic processes to manage data and licenses. “Thentia Cloud is an incredible industry-leading solution for government agencies and the product continues to evolve with more robust functions and comprehensive modules,” he says. “We are thrilled to invest in Thentia and its team of visionary leaders to help the company achieve its ambitious goals.”
Also participating in the equity investment and an existing Thentia investor is Canadian-based venture capital investor BDC Capital. According to Sean Brownlee, Partner of BDC Capital’s Industrial, Clean and Energy Technology (ICE) Venture Fund, “Thentia is the leading cloud-based solution for the licensing environment and has successfully disrupted the underserved regulatory licensing industry by delivering a sophisticated and secure solution that can be deployed quickly and efficiently,” Brownlee says. “Thentia has assembled a world-class, top-tier team of professionals and thought leaders in the GovTech space, and their success is evidenced in the impressive growth they’ve already achieved.”
Julian Cardarelli, Thentia’s Chief Executive Officer says he is beyond pleased to welcome Spring Mountain Capital to Thentia’s team and is grateful for BDC Capital’s unwavering support. “Both SMC and BDC Capital are exceptional partners in every sense of the word, and it’s a huge privilege to be working together. This investment positions us to focus on expanding in the U.S. and achieving our most important goals, including becoming the state-supported cloud-based agency software provider across all 50 U.S. states.”
Cardarelli adds, “With Spring Mountain’s strong portfolio and focus on government and enterprise technology, the firm truly understands our ecosystem and the opportunity we have to introduce our sophisticated SaaS product to the many government agencies in the U.S. who rely on outmoded systems to manage their data and licensing.”
“With the support of our investors, we look forward to expanding our portfolio of clients and providing them with first-class technology and superior end-to-end service that will completely modernize the way they do business.”
Thentia was advised on the financing round by Blake, Cassels & Graydon LLP.
Founded in Canada, with operations in the U.S. and trusted by 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.
About Spring Mountain Capital:
Spring Mountain Capital is a New York-based private investment management firm that focuses on alternative asset investing. The SMC Growth equity team focuses on providing expansion capital to companies capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. SMC invests in two sectors of the U.S. economy undergoing the most change and with the highest growth potential: enterprise technology and healthcare companies. For more information, visit: smcgrowthcapital.com.
About BDC Capital:
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.