Toronto-based SaaS startup Thentia has secured a $15 million credit facility from Espresso Capital to scale its government technology software.
Since its inception in 2014, the company has been providing its Thentia Cloud licensing software to government entities. According to Thentia, its mission is to help government agencies improve user experiences and increase visibility into their own operations by automating the data and license management process. The company currently has more than five million active user licenses and partnered with more than 90 occupations and industries to date.
Thentia Cloud is a turnkey cloud software solution that supports all critical regulatory functions including license registration and renewals, quality assurance, complaints management, governance, finance, document management, and analytics.
This credit facility marks Thentia’s third financing received from Espresso Capital, a provider of venture debt solutions. Thentia said it’s earmarked to “fuel its rapid ascent to the top of GovTech” by allowing the company to make substantial investments and acquisitions to enhance its products and services.
Thentia and Espresso Capital’s first partnership was in 2018 on an initial venture debt round, helping Thentia expand its suite of enterprise technology solutions.
In May, Thentia also closed a $10 million CAD Series B round led by Spring Mountain Capital, a New York-based growth equity firm. BetaKit reported that the round consisted entirely of primary equity financing and also saw participation from existing investor BDC Capital. According to its Crunchbase profile, Thentia currently has $12.5 million in funding.
Earlier this month, 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.
According to Thentia, the company is seeing a rapid growth this year, increasing its employee base by 300 percent in the past two quarters with the majority of its new workers based in the United States.