Led · Series B · Jan 2024

Thentia builds and sells Thentia Cloud, a regulatory-technology platform used by regulators and regulatory agencies worldwide to manage licensing, investigations, enforcement, fitness to practise, quality assurance, scope of practise, continuing education, board management, and data analysis. The company is led by CEO Julian Cardarelli and positions its platform as an alternative to legacy processes, custom-built solutions, and disparate applications. Thentia raised a $38M Series B extension to scale operations and propel accelerated growth. The company plans to invest the proceeds in artificial intelligence and to enhance its ability to meet the needs of its expanding global client base. Thentia emphasized investor support and called its platform “the regulatory platform of the future,” reflecting its strategic focus on technology-led product development. Thentia provides Thentia Cloud, a SaaS platform used by regulatory bodies and government agencies to manage data and licensing with automation and ease of use. Led by CEO Julian Cardarelli, the company serves public-sector customers and emphasizes product and engineering development alongside customer support. Thentia operates globally with teams in the United States, the United Kingdom, and Canada. The platform is trusted by regulatory bodies and government agencies worldwide and supports more than 8 million active licensees. The company intends to use recent funding to invest across product and engineering, and to scale customer-facing services and support teams. These investments are aimed at creating a consistent customer experience across all markets. Thentia offers Thentia Cloud, a proprietary cloud-based licensing platform that supports license registration and renewals, QA, complaints management, governance, finance, document management, analytics, and other regulatory functions. The company partners with licensing agencies across more than 90 occupations and industries coast-to-coast. Thentia grew rapidly in 2021, increasing its employee base by 300% over two quarters, with the majority of new hires based in the U.S. In 2021 it expanded market reach—announcing entry into Quebec and becoming the state-supported software provider for occupational licensing in Oklahoma—and is pursuing broader North American and EMEA expansion. Financially, Thentia secured a $15 million credit facility from Espresso Capital and earlier raised a $10 million Series B in May 2021 led by Spring Mountain Capital with participation from BDC Capital. The company intends to use the financing to fund investments and acquisitions, enhance its product, ramp sales and marketing, and pursue incremental revenue opportunities. Thentia is a Toronto-based GovTech Software-as-a-Service (SaaS) company offering Thentia Cloud, a platform for agencies to manage data and licensing. Led by CEO Julian Cardarelli, the company serves government customers with cloud-based licensing and data-management solutions. In April 2021 Thentia raised $10 million in a Series B financing. The company said it will use the funds to accelerate its go-to-market strategy and expand its position across the U.S. Thentia was founded in Canada and maintains operations in Chicago, IL. The Series B round was led by Spring Mountain Capital with participation from BDC Capital. Thentia is a Toronto-based cloud regulatory software company that provides B2B software-as-a-service solutions to the regulatory industry. Its flagship product, Thentia Cloud, offers a comprehensive collection of regulatory modules that track licensing and registration issuance and renewals, continuing education, public complaints, investigations and enforcement, auditing, data analytics, and governance. The platform serves regulatory bodies, licensees, and registrants across North America and has a major presence in the regulatory and licensure market. Led by CEO Julian Cardarelli, the company will use funds to expand sales and marketing worldwide and further innovate its cloud platform. Thentia closed a Series A equity financing of undisclosed amount with an investment from the Business Development Bank of Canada’s Industrial, Clean and Energy Venture Fund. The financing is intended to support growth and product innovation.

Participated · Series B · Nov 2022

Teampay provides a purchasing platform that issues virtual and physical cards, handles invoices and reimbursements, and automates workflows to keep employees in policy while reconciling transactions into customers' accounting systems. The company emphasizes employee-friendly purchasing combined with finance controls to eliminate unauthorized and out-of-policy spending and increase visibility for finance teams. Teampay offers a digital corporate card (Catalyst by Teampay) powered by the Mastercard network and integrates payment methods with built-in controls. Founded in 2016 and headquartered in New York City, Teampay has focused on serving high-growth companies and has tripled headcount in the last 12 months. The company plans to deepen its accounts payable solution, expand cross-border payments and international payment capabilities, and accelerate its enterprise offering. Teampay will also invest in go-to-market activities, sales and marketing, and continued hiring to support larger account needs. Teampay builds spend-management software aimed at midmarket companies to help them control bank accounts and manage outflows across formats (ACH, virtual cards, etc.). The company emphasizes software fees as its primary revenue source rather than interchange, with the ability to derive more spend-based revenue over time. Teampay has seen strong usage and monetization growth: annual recurring revenue (ARR) is up 320% since its Series A and total spend managed is up 800%. The pandemic has shortened its sales cycle roughly in half and attracted larger customers. It competes with offerings such as Brex, Ramp, Divvy, Airbase and legacy products like Concur and Expensify. Management has used opportunistic extension capital to accelerate growth ahead of a larger, traditional Series B. Teampay provides a platform that gives employees a streamlined interface to buy goods, tools, and services while keeping purchases within defined company policy. It acts as a collaboration software layer on top of a company’s existing card infrastructure so customers don’t have to switch card programs. The company targets larger enterprises with complex spend controls and counts customers including Wistia, Chime, Mixpanel, and RiskIQ. Since launching the platform Teampay has been hiring in sales and engineering and added senior executives including a VP of Finance, VP of Marketing, and head of sales. The company reported double-digit month-over-month growth in 2018 and recently raised a $12 million Series A to support expansion. Planned uses for the capital include expanding partnerships and integrations (for example with IT ticketing systems) and increasing sales and marketing. Teampay issues virtual credit cards to every employee and pairs those cards with approval workflows, procurement policy enforcement, and vendor analytics. The platform integrates with Slack and Google Apps and will add a Microsoft integration shortly. Its analytics surface top spending vendors and recurring subscriptions so procurement can negotiate rates and eliminate wasted expenses. Teampay targets mid-market companies of roughly 200–1,000 employees that are too small for a full purchasing department but too large to rely on the CEO’s card. Founder and CEO Andrew Hoag built the product from procurement problems he encountered at prior startups, and the company reports several paying customers on the platform. Early customer data shows roughly half of employee transactions are recurring, which the company flags to reduce waste.

Led · Debt Financing · Oct 2022

Innovapptive offers a patented, code-free connected work platform and integrated suite of apps that integrate with enterprise ERP, EAM and APM systems to support operators, maintenance and warehouse teams. The platform enables collaboration and job identification within work management workflows for front-line, back-office and resource workers. Customers include companies across Energy, Mining, Metals, Utilities, Chemicals and Industrial Manufacturing, including some of the world’s largest Fortune 500 asset-intensive firms. Led by founder and CEO Sundeep Ravande, the company has offices in Houston, Australia and India. Innovapptive plans to use its recent funding to accelerate product innovation, expand into new regional markets and further establish its position in the connected worker software category. The company recently completed a Series B financing (amount undisclosed). Innovapptive is a digital transformation company offering a Connected Worker Platform that digitalizes the last mile of frontline workers into SAP and IBM Maximo technologies. The platform integrates GIS operational data and data from SAP and IBM Maximo with work instructions, SOPs, and checklists, connecting workers, machines, workflows, and executives to minimize plant outages and maximize margins. Headquartered in Houston with offices in Australia and India, Innovapptive serves blue-chip, global enterprise customers and reported record second-quarter sales. The company says its business is more than doubling every year. In October 2022 Espresso Capital provided a $15 million credit facility to support growth. Innovapptive plans to use the financing to expand operations, ramp up sales and marketing, and make additional investments in its platform; Tiger Global Management is an existing investor. Innovapptive provides a connected workforce platform that links industry workers, back office staff and company leadership to minimize plant outages by reducing maintenance backlogs and improving inventory accuracy, workforce capacity and data accuracy. The company is led by CEO and co-founder Sundeep Ravande. It has offices in Australia, the Netherlands and India in addition to its Houston base. Innovapptive raised $16.3m in a Series A that pushed its valuation to more than $65m. The company intends to use the funds for continued global expansion and for further investment in its connected workforce platform. Innovapptive is a Houston, TX-based provider of configurable cloud-based enterprise mobile solution frameworks for EAM, field operations and supply chain. Led by President and Co-founder Sundeep Ravande, the company serves some of the world’s largest brands in Oil & Gas, Life Sciences, Chemicals, and Manufacturing. It has over 150 employees with offices in the USA, Germany and India. Innovapptive completed a $1.5M funding round led by Hyderabad Angels, and Kishore Ganji from Hyderabad Angels will join the company’s board. The company plans to use the funds to scale its sales and marketing teams, accelerate product innovation, and expand customer acquisitions in the mobile workforce management market.

Led · Equity · Sep 2022

HICX provides a supplier data foundation that centralizes supplier onboarding, supplier information, risk and performance management for large organizations. The company supports deployments in more than 120 countries and was founded in 2004. Following the £15M growth funding and refinancing package, HICX plans to invest in its platform and customer roadmap, expand commercial capability and pursue selective acquisitions. The financing was provided by HSBC Innovation Banking with participation from existing investor Wavecrest Growth Partners. Management characterized the funding as a validation of HICX’s role as a governed supplier data foundation amid rising AI automation and regulatory demands.

Led · Equity · Apr 2022

Moot provides a unified e-commerce platform and toolkit that lets brands sell across direct sites and apps, social feeds, marketplaces, wholesalers and other channels from a central database. Its key feature is a central database that updates activity across channels to avoid backend fragmentation and simplify inventory management and logistics. The product targets brands and second-stage companies hitting the limits of Shopify and other siloed solutions. Moot says it is on track to make £100 million ($130 million) in ARR by the end of this year, after growing 300% year on year in 2021. Customers include Timberland, Asos and media brands such as House Beautiful, and the startup sees demand also from roll-up players looking to standardize technology across acquired brands. Future plans include building enhanced AI capabilities to automate and analyze customer activities and pursuing M&A—two deals are already underway—to accelerate growth.