Toronto-based govtech startup Thentia Cloud has closed $10 million in what the company describes as a Series B1 round.
The financing was led by existing investors Spring Mountain Capital and BDC Capital, which were also the lead investors for Thentia’s $10 million Series B round that closed in May last year.
Over the past year-and-a-half, Thentia has also expanded its employee base by 300 percent.
Founded in 2014, Thentia aims to help government agencies improve user experiences and increase visibility into their own operations, by accelerating, simplifying, and automating the data and license management process.
According to Thentia, the additional $10 million will enable the company to invest across all parts of its business. This includes expanding and enhancing its product and engineering, while also scaling its customer-facing services and support teams.
As part of the funding announcement, Thentia is also opening its regional headquarters in Oklahoma City to serve its clients in the area and those of adjacent states. The Canadian company’s workforce is currently spread out across the United States (US) and Canada, with a new regional team growing in the United Kingdom to focus on European markets.
Thentia’s international market inroads are fuelled by the company’s past financing rounds from other North American investors. Toronto venture debt firm Espresso Capital initially provided Thentia with $2.5 million in debt financing according to Crunchbase data, then gave a $15 million credit facility in 2021. Thentia’s other previous funding rounds include a Series A in August 2020, where the amount the company raised is undisclosed.
Thentia’s Series B1 announcement follows a period of significant growth for the company. The govtech startup was recently named one of the 100 Fastest Growing Companies in Toronto 2022, ranking in the top third of companies based on funding, employee growth, revenue, and other growth metrics.
Over the past year-and-a-half, Thentia has also expanded its employee base by 300 percent. At the time of publication, Thentia’s LinkedIn page shows the company currently has over 100 employees.
Thentia was also able to increase its customer base in new and existing markets across North America, now with more than 8.5 million active licensees globally using its platform.
Featured image from Thentia