Cloud-based business entity management technology company, Athennian, announced on 30 March that it has raised $33 Million in its Series B round, led by Centana Growth Partners with participation from existing investors Arthur Ventures, Touchdown Ventures, and several private investors.
Founded in 2017, Athennian’s software enables legal, tax and finance teams to digitise and manage their business entities and company structures. “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 officer of Athennian. “With Athennian, teams are transaction, audit, and compliance ready at a moment’s notice, ultimately increasing trust and transparency.”
Over the last 24 months, Athennian has seen a 500% increase in annual recurring revenue. The company has reached over 2,500 users and has nearly 400,000 business entities managed on its platform. “Private companies make up 99.9 percent of all business entities in the world, but managing and validating these entities when executing transactions has always been difficult — until now. Enabling companies to better manage hundreds or thousands of corporate entities as well as helping them easily achieve corporate transparency is one of the main drivers of Athennian’s growth,” Camara said.
With this latest investment, Athennian has aggressive growth plans. Co-founder and chief operating officer Josh Malate said: “We plan to hire several hundred new team members over the next couple of years. During this next growth period, we’re focused on building a diverse, equitable, and inclusive workplace at scale. We are proud to have gender balance on our Board of Directors, and continue to work towards building an inclusive and representative organization across all departments.”
caroline@legaltechnology.com