Canoe Intelligence, a New York-based financial technology company powering alternative investment intelligence for institutional investors, capital allocators, wealth managers, and asset servicing firms, completed $25 million Series B financing.
The round was led by F-Prime Capital, with participation from Eight Roads Ventures and other strategic investors.
This funding will be used to accelerate expansion into European markets, grow the team in key functional areas, enhance enterprise product offerings, develop new data products, and continue to strengthen Canoe's core platform.
“Following a year of significant growth and progress for Canoe, we are thrilled to partner with F-Prime and Eight Roads to advance Canoe’s capabilities for the alternative investment ecosystem,” said Jason Eiswerth, CEO of Canoe Intelligence. “As alternative investments continue to gain popularity amongst institutional and individual investors, the new injection of capital will allow us to further serve our customer base and streamline alternative investment data globally.”
Its platform helps alternative investment firms streamline their data management processes, reducing the time and costs associated with collecting and reconciling documents and enabling them to act on the information they need to make more informed investment decisions.
Canoe leverages artificial intelligence and machine learning to automatically collect and categorize documents from investor portals and email inboxes and to extract, validate, and deliver clean data to downstream systems, eliminating the need for manual data entry.
Company: Canoe Software, Inc.
Round: Series B
Funding Month: February 2023
Lead Investors: F-Prime Capital
Additional Investors: Eight Roads Ventures
Company Website: https://canoeintelligence.com/
Software Category: Financial Software
About the Company: Canoe Intelligence redefines alternative investment data processes for leading institutional investors, capital allocators, asset servicing firms, and wealth managers. Canoe’s technology automates the highly frustrating, time-consuming, and costly manual workflows related to alternative investment documents and data management, extraction, and delivery. Canoe has over 250 upstream and downstream connections to facilitate streamlined document collection, extraction of data points into Canoe, and data delivery to reporting and analytics workflows. Additionally, Canoe's platform boasts a 20,000+ fund master database. Over 200 companies like Blackstone, Carlyle, State Street, SEI, and Hamilton Lane leverage Canoe to refocus capital and human resources on business performance and growth, increase efficiency, and gain deeper access to their data.