Canopy, a South Jordan, UT-based firm-wide operating system for accountants, has raised $35 million in an oversubscribed round.
Investors
The round was led by Ten Coves Capital and Ankona Capital, with participation from Pelion Venture Partners, Tenaya Capital, and NewView Capital.
Ten Coves Capital is a growth equity firm that backs B2B software companies across the FinTech ecosystem. Founded in 2020, the firm invests across payments, banking & lending, asset management, capital markets, and insurance & benefits.
Founded in 2019, Ankona Capital is a California-based investment firm that specializes in early-stage investments in B2B software companies across the United States. Ankona invests $5 to $10M into early growth-stage B2B software companies generating $5 to $15M in recurring revenues.
Canopy Use of Funds
The company will use the funding to further its vision of leveraging AI to make accounting firms exponentially more efficient.
About Canopy
Canopy is a SaaS company that provides cloud-based accounting practice management software. Its fully integrated practice management solution includes client engagement, document management, workflow, time & billing, engagements & proposals, and more. Trusted by over 3,000 accounting firms, Canopy’s solutions are SOC2-certified and data-encrypted.
Funding Details
Company: Canopy Tax, Inc.
Raised: $35.0M
Round: Unknown
Funding Month: May 2024
Lead Investors: Ten Coves Capital, Ankona Capital
Additional Investors: Pelion Venture Partners, Tenaya Capital, NewView Capital
Company Website: https://www.getcanopy.com/
Software Category: Accounting
Source: https://www.getcanopy.com/blog/canopy-raises-35m-in-new-funding-round