Ten Key Labs, a Toronto-based software startup, has launched a new equity management platform called Mantle and secured $10.5 million in seed funding.
Ten Key Labs was co-founded in 2022 by Waterloo Engineering alum Amar Varma (BASc ‘99, electrical and computer engineering), the son of Nityanand Varma who helped establish the Varma Family Professorship in Robotics in the Faculty’s electrical and computer engineering department.
As a serial tech entrepreneur and investor, Amar Varma developed Mantle to address the shortcomings of the available equity management tools.
“We saw a major gap in the marketplace for streamlining startup financial and business flows, and we knew there needed to be a reliable, automated, user-friendly tool that could help founders focus on the things that matter most without requiring them to also take on administrative tasks,” said Varma, CEO at Ten Key Labs, in a news article.
Mantle is aimed at startup founders to help them simplify equity management with automated equity issuing, fundraising options, capitalization table management, forecasting and more.
Mantle is financed by a group that includes Eniac, Craft Ventures, Vaynerfund, Sierra Ventures and Leaders Fund. The software has completed its beta testing and is on the market.
Ten Key Labs’ seed round included former Shopify CFO Russ Jones, Shopify head of engineering and former Xtreme Labs VP of engineering Farhan Thawar, Wave co-founder Kirk Simpson and Varma’s fellow former Extreme Venture Partners (EVP) founding partner Sandeep Madra.