Last September, I wrote about the Canada-based entity management company Athennian, which had emerged from three years of quiet growth and development to announce an $8 million CAD Series A investment, on top of a previously unannounced $2 million CAD seed financing round.
Today, Athennian is announcing that it has raised another $7 million CAD in Series A extension funding. This extension was led by Arthur Ventures, which also led the initial Series A, and was joined by two new investors, Touchdown Ventures — whose portfolio includes legal tech companies Casetext, LawGeex, LinkSquares, and Text IQ — and Jack Newton, the cofounder and CEO of law practice management company Clio.
Adrian Camara, CEO of Athennian, told me that the company has tripled its revenue in 2020, as the pandemic forced more legal professionals to move to cloud-based technologies.
Athennian says it is the first true cloud platform for enterprise legal entity management, in a market dominated by two legacy products, Diligent and hCue by CT Corporation (which is owned by Wolters Kluwer).
Its software allows legal departments and professional services firms to automate management of subsidiaries and legal entities. Used primarily by paralegals, the software centralizes director, officer, shareholder, tax and other entity data to create a single source of truth.
The software also provides integrated document generation, e-signatures, e-filing and project management to automate related tasks such as entity formation, appointments, transactions, and annual compliance.
Camara said that Athennian will use the additional funds to invest in further developing its product and further developing its sales and marketing.
“We’re typically helping our customers get off really old software,” Camara said. “We’re the only entity management software built in the 21st Century.”