Cloud-based legal entity management platform Athennian raises $8m Series A
In the second multi-million legal tech funding round announced today (8 September) Athennian, developers of the leading cloud-based legal entity management software, announced an $8 million Series A investment, led by Arthur Ventures. They also disclosed a previously unannounced $2 million seed financing round from Q3 2019, bringing the total level of funding to $10 million.
Alongside, Arthur Ventures, whose general partner, Patrick Meenan, has joined Athennian’s board, today’s funding round is supported by Round13 Capital, InterGen Capital, ATB Financial, and existing investors: Thin Air Labs, BlueSky Equities, Viewpoint Capital, Strategic Equities, and others.
Athennian’s software is used by legal departments and professional services firms to automate subsidiary and entity management.
Legal entity management software is typically used to centralize director, officer, shareholder, tax, and other entity data to create a single source of truth.
Athennian, which describes itself as ‘built by paralegals for paralegals’, leverages data to execute reports and tax charts; generates required documents for managing new or existing entities such as share certificates, minutes, stock and dividend transactions, and change of directors or officers; submits registrations digitally; provides reminders for annual filings; and automates workflows with document assembly, eSignature, and e-filing directly with government company registries.
The funds will be used to accelerate product-led growth and invest in scaling Athennian’s cloud infrastructure to support its growing global customer base.
“The legal entity management market has very high barriers to entry that protected on-premise incumbents operating like monopolies for decades. Athennian brings the first, true enterprise cloud platform with consumer-grade user experiences into the category,” said Adrian Camara, CEO of Athennian. “Our revenue acceleration reflects the hard work our team and customers have undertaken to transition that data and workload into the cloud.”
Andre Garber, partner at Fasken, comments: “We have used Athennian to digitally augment our corporate legal practice. We are now automating traditionally manual work, such as entity formation, stock transactions and corporate records management through Athennian’s document assembly, eSignature, and streamlined data management platform.”
Patrick Meenan of Arthur Ventures adds: “Businesses are operating in an increasingly volatile, uncertain and complex environment. As a result, in-house legal teams and paralegals have seen their workloads increase dramatically, driving a need for more automation. Athennian’s rapid growth is a testament to their market-leading product. Arthur Ventures is thrilled to lead this financing round.”
The other large legal tech funding round announced today was ThoughtRiver, which raised $10. You can read that story here: https://legaltechnology.com/contract-review-thoughtriver-raises-10m-series-a/