Total amount raised
$188 Millions
Latest funding date
Location
Canopy has successfully raised funds through multiple rounds, including a recent Series C round, with backing from investors such as Ankona Capital Partners and NewView Capital. The platform offers a comprehensive cloud-based Practice Management solution tailored for accounting professionals, encompassing CRM, Client Portal, Document Management, and more.
Keep reading to delve into the details of Canopy's funding journey and the investors who support this innovative practice management software.
What Is Canopy?
Founded in 2014, Canopy is based in Draper, Utah. The company was established by Doug McLean and Kurt Avarell.
Canopy specializes in providing a cloud-based Practice Management solution tailored for accounting professionals. Their software includes features such as CRM, Client Portal, Document Management, and more.
With a team of 101-250 employees, Canopy continues to innovate and streamline the workflow for accounting firms.
How Much Funding Has Canopy Raised?
- Series B
- Amount Raised: $20M
- Date: March 13, 2017
- Lead Investors: Pelion Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Venture Round
- Amount Raised: $30M
- Date: March 27, 2018
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance technology infrastructure.
- Series B
- Amount Raised: $12M
- Date: May 16, 2018
- Lead Investors: New Enterprise Associates, Nyca Partners, Tenaya Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand market reach.
- Debt Financing
- Amount Raised: $5M
- Date: December 4, 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and short-term financial needs.
- Venture Round
- Amount Raised: $8M
- Date: December 4, 2019
- Lead Investors: NewView Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and improve customer support.
- Venture Round
- Amount Raised: $22M
- Date: March 29, 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in AI capabilities and streamline accounting processes.
- Series A
- Amount Raised: Not publicly disclosed
- Date: August 5, 2021
- Lead Investors: Ankona Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance product development.
- Series B
- Amount Raised: $35M
- Date: December 8, 2021
- Lead Investors: Ten Coves Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series C
- Amount Raised: $11M
- Date: June 29, 2021
- Lead Investors: Ankona Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and product innovation.
- Series C
- Amount Raised: $35M
- Date: May 8, 2024
- Lead Investors: Ankona Capital Partners, Ten Coves Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage AI for automating non-strategic tasks and enhancing efficiency.
Total Amount Raised: $178M. Current Valuation: Not publicly disclosed.
Key Investors
- Ankona Capital Partners
- Details: Ankona Capital Partners is a growth equity firm that focuses on investing in high-growth technology companies. They aim to support companies through their scaling phase with strategic guidance and capital.
- Investment Focus Areas: Technology, SaaS, Enterprise Software
- Notable Investments: Canopy, Filevine, Lucid Software
- NewView Capital
- Details: NewView Capital is a venture capital firm that partners with growth-stage companies to provide operational support and strategic guidance. They focus on companies that are poised for significant growth.
- Investment Focus Areas: Fintech, Enterprise Software, Consumer Internet
- Notable Investments: Canopy, Plaid, Duolingo
- Ten Coves Capital
- Details: Ten Coves Capital is a private equity firm that invests in high-growth companies in the financial technology sector. They provide capital and strategic support to help companies scale.
- Investment Focus Areas: Fintech, Financial Services, Technology
- Notable Investments: Canopy, Billtrust, AvidXchange
- Pelion Venture Partners
- Details: Pelion Venture Partners is a venture capital firm that invests in early and growth-stage technology companies. They focus on providing the necessary resources and expertise to help companies succeed.
- Investment Focus Areas: SaaS, Cloud Computing, Cybersecurity
- Notable Investments: Canopy, Red Canary, Cloudflare
- Tenaya Capital
- Details: Tenaya Capital is a venture capital firm that invests in high-growth technology companies. They focus on providing capital and strategic support to help companies achieve their growth objectives.
- Investment Focus Areas: Technology, Healthcare, Consumer
- Notable Investments: Canopy, Eventbrite, HubSpot
What's Next for Canopy?
Canopy is poised to revolutionize the accounting industry by integrating AI to automate non-strategic tasks, freeing up accountants to focus on client-centric activities. With the potential to serve firms of all sizes, the market opportunity is vast, positioning Canopy to become the default operating system for accounting professionals.
Following a successful $35 million funding round, Canopy is well-positioned for future fundraising to support its growth and innovation. However, the company will need to navigate challenges such as competition and the continuous need for technological advancements to maintain its edge in the market.
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