Thentia, a provider of govtech software-as-a-service, secured a $15 million credit facility from Espresso Capital to support investments and acquisitions as the company accelerates its expansion into new markets. This latest financing marks Thentia’s third financing from Espresso Capital and its second major capital event this year.
Thentia has partnered with licensing agencies across more than 90 occupations and industries to help them achieve regulatory excellence using its proprietary cloud-based licensing platform, Thentia Cloud, a turnkey cloud software solution that supports critical regulatory functions, including license registration and renewals, quality assurance, complaints management, governance, finance, document management and analytics. The company has experienced growth in 2021, increasing its employee base by 300% in the past two quarters, with the majority of new employees based in the U.S.
Thentia and Espresso Capital first partnered in September 2018 on an initial venture debt round that helped Thentia expand its suite of enterprise technology solutions. In 2019, the credit facility was upsized.
Partnering with Espresso on this $15 million credit facility will allow Thentia to continue executing on its strategies while making investments and acquisitions to enhance its core offerings, ramp up its sales and marketing efforts to reach new audiences and deliver new products and services that deliver incremental revenue opportunities.
This financing for Thentia comes on the heels of a $10 million Series B investment in May 2021 led by New York City-based Spring Mountain Capital with participation from BDC Capital. Last month, Thentia officially entered Quebec’s regulatory market and two weeks later was named the state-supported software provider for occupational licensing in the state of Oklahoma.
“In selecting Espresso as our lending partner back in 2018, I was convinced that their unique capabilities provided the best growth platform for Thentia,” Julian Cardarelli, CEO of Thentia, said. “This latest investment shows the confidence that Espresso has in Thentia to become the dominant player in the occupational licensing and government technology industries. We’re looking forward to continuing our work with Espresso and other key players in the investment ecosystem as we accelerate our growth in the Canadian, U.S. and EMEA markets.”
“We’re excited to expand our partnership with Thentia and to support the company on this next step in their growth journey as they continue to expand into new markets, further enhance their product and accelerate their go-to-market strategy,” Will Hutchins, managing director at Espresso Capital, said. “This upsized facility gives them the additional capital to expand their business while pursuing a number of important opportunities across North America and the EMEA region.”
Blake, Cassels & Graydon advised Thentia on the financing round.
