Calgary-based LegalTech startup Athennian has announced that it has raised 10M CAD in over 2 rounds of investment which include an 8M CAD Series A funding closed recently and a 2M CAD seed round held in July 2019.
The 8M CAD Series A round was led by USA-based Arthur Ventures. Patrick Meenan, General partner of Arthur Ventures will be joining Athennian’s board of directors. Round13 Capital, InterGen Capital, and ATB Financial also participated in the round. Existing investors BlueSky Equities, Viewpoint Capital, Strategic Equities, and Thin Air Labs also contributed in the Series A round (some of these had also participated in the seed funding round).
Capital raised will be used to scale its cloud setup and increase its footprint in Europe and Asia-Pacific. Currently a team of 40, the startup plans to grow to between 70 to 80 employees by the end of 2020.
Athennian was founded 2016 and launched in late 2017 by Mark Tinana (Front-End Developer), Shane Fast(CTO) as well as Adrian Camara (CEO), whose previous stints as a lawyer in corporate finance as well as in merger and acquisitions made him realize the outdated practices around managing data and information.
The startup’s team has developed a cloud-based software platform for legal and finance teams that enable legal entity and corporate records management. Its tools comprise compliance, ownership, governance, digital signatures, among many more.
Adrian Camara said, “We help law firms and legal departments completely automate their corporate work, and so our primary users are actually not lawyers, they are paralegals.”
The CEO also claims that almost 50% of the best Canadian law firms use Athennian’s platform and also stated that the coronavirus pandemic augmented the startups’ growth to a huge extent.
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