Athennian raises $42M CAD in Series B funding to accelerate growth in North America
BCF Ventures is excited to support Athennian’s Series B round. Our multi-stage strategy has always been to re-invest more capital in the top companies that have the best potential to succeed at vast scale.
Taking an excerpt from the popular book Zero to One written by Peter Thiel (a highly recommended book for any entrepreneurs and investors):
“The biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined. This is why investors typically put a lot more money into any company worth funding, especially those who successfully go from 0 to 1.”
Following the Power Law in venture capital, BCF Ventures focuses on the single-minded pursuit of the very few companies that can become overwhelmingly valuable. Having the ability to provide value and to build the 1-on-1 relationship with the founding team of each portfolio company have proven to be a successful way for us to jump in as their best investment partners as the company seeks more capital to accelerate growth.
Just like our approach to FightCamp’s Series B round, we are proud to emulate the same strategy in Athennian’s Series B round. BCF Ventures is the only Canadian VC investor that has continuously invested in each of the subsequent investment rounds in Athennian, as the company keeps soaring to a new height. We had first written a small check in their Seed round in 2019, and we continued to invest in the Series A round in 2020. We are further convinced by the quality of the management team and the level of traction that Athennian has attained today, so we are fully committed to back them again at the Series B round. We are looking forward to partner with the lead investor of this funding round, Centana Growth Partners, a growth equity fund with a focus on fintech and enterprise technology based in Palo Alto and NYC. Many existing investors, including Arthur Ventures, Touchdown Ventures, BCF Ventures, and even Clio’s CEO and co-founder Jack Newton have participated in this round.
“We’re excited about this new investment round as it will help us support more clients and meet the increasing need for digital automation and corporate transparency demands required by governments and stakeholders.” said Adrian Camara, co-founder and chief executive office of Athennian. For the official company press release, read more here.
What is Athennian?
Athennian is a modern, cloud-based entity management platform, helping you to centralize registration, governance, ownership, tax, and compliance data for corporate entities.
Launched in 2017 by CEO Adrian Camara, Camara saw a need for cloud-based tech after working as a lawyer in corporate finance and noticing “archaic” practices around managing data and information. Betakit has covered about their most recent raise here.
Athennian’s entity data management software is used by hundreds of top law firms (Dentons and Torys) and in-house legal teams of Fortune 1000 Companies (Shopify, Kruger) across North America, to manage all their entity data within a single platform. Whether you are a law firm managing over 25,000 entities, an in-house legal department with less than 50, or a family office managing wealthy families, Athennian’s entity management software enhances your legal operations.
One of the biggest reasons why law firms are switching to Athennian has been the cloud-based solutions. Many customers are moving away from legacy players that are hiking prices to a new level.
“I kind of call this the final sort of short squeeze into the cloud,” said Camara. “Where you have all these legacy vendors [that] are cranking places and trying to squeeze the last juice out of the orange on these legacy systems, and it’s sort of pushing the people who have been slow to adopt cloud … into the cloud.” Betakit wrote all about it here.
With the new funding, Athennian has opened its new office as the main headquarter in Calgary. The company is now hiring remotely for any team player who is ready to contribute meaningfully to a high-growth company.
BCF Ventures is always looking for the next big technology. Don’t hesitate to reach out if you have a big idea that disrupts the market.