Total amount raised
$30 Millions
Latest funding date
October, 2022
Location
Canary Technologies has successfully raised $50 million in a Series C funding round, backed by investors such as Insight Partners and F-Prime Capital. The company offers a cloud-based software solution designed to digitize the hospitality industry, providing innovative tools to enhance guest experiences and streamline hotel operations.
Keep reading to explore the intricacies of Canary Technologies' fundraising journey and the investors backing this transformative platform.
What Is Canary Technologies?
Founded in 2017 by Harman Singh Narula and SJ Sawhney, Canary Technologies is headquartered in San Francisco, California. The company specializes in providing a cloud-based software solution designed to digitize the hospitality industry, offering products like Mobile Check-In & Checkout, Digital Authorizations & Payments, and AI-Powered Guest Messaging.
Canary Technologies aims to enhance guest experiences and streamline hotel operations, making it a trusted partner for thousands of hoteliers worldwide. The company is backed by top investors in Silicon Valley and serves some of the world’s largest and most iconic hotel brands.
With a team of 51-100 employees, Canary Technologies continues to innovate and expand its offerings, ensuring that hotels can operate more efficiently and provide exceptional service to their guests.
How Much Funding Has Canary Technologies Raised?
- Seed Round
- Amount Raised: $2M
- Date: August 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and enter the market.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue product development and early market penetration.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Series A
- Amount Raised: $15M
- Date: February 2022
- Lead Investors: F-Prime Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: $30M
- Date: October 2022
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid global growth and fuel product development.
- Series C
- Amount Raised: $50M
- Date: June 2024
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform solutions and expand market reach.
Total Amount Raised: $97M. Current Valuation: Not publicly disclosed.
Key Investors
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm investing in high-growth technology and software ScaleUp companies. They have over $80 billion in assets under management and have invested in more than 700 companies worldwide.
- Investment Focus Areas: Technology, software, internet businesses.
- Notable Investments: Twitter, Shopify, DocuSign.
- F-Prime Capital
- Details: F-Prime Capital is a global venture capital firm investing in healthcare and technology. They are known for supporting companies that drive transformative change in their industries.
- Investment Focus Areas: Healthcare, technology.
- Notable Investments: Moderna, Iora Health, Flywire.
- Y-Combinator
- Details: Y-Combinator is a startup accelerator that has funded over 2,000 startups. They provide seed funding, advice, and connections to early-stage startups.
- Investment Focus Areas: Early-stage startups across various sectors.
- Notable Investments: Airbnb, Dropbox, Stripe.
- Thayer Ventures
- Details: Thayer Ventures is a venture capital firm focused on technology companies in the travel and hospitality industries. They invest in companies that are transforming these sectors.
- Investment Focus Areas: Travel, transportation technology.
- Notable Investments: Sonder, Duetto, ID90 Travel.
- Commerce Ventures
- Details: Commerce Ventures is a venture capital firm that invests in early-stage technology companies. They focus on companies that are innovating in commerce, including retail, financial services, and digital health.
- Investment Focus Areas: Fintech, retail tech, insurance tech.
- Notable Investments: Bill.com, Marqeta, Socure.
What's Next for Canary Technologies?
Canary Technologies stands at the cusp of a significant opportunity to revolutionize the hospitality industry. With their innovative guest-facing technology solutions, they are poised to expand their reach to hundreds of thousands of hotels worldwide. The increasing demand for digital and contactless services in the hospitality sector underscores the vast potential for growth. By enhancing their platform and expanding their team, Canary Technologies can meet the evolving needs of hoteliers and guests alike.
Future fundraising opportunities appear promising, given the strong backing from prominent investors like Insight Partners and F-Prime Capital. Additional funding rounds could further accelerate their global expansion and product development. However, the company must navigate challenges such as keeping up with rapid technological advancements and maintaining service quality amidst global growth. Balancing innovation with operational excellence will be crucial as they continue to scale.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like Canary Technologies and gather other critical business insights.
Sign up for free on Clay and start transforming your sales approach today.
