Canopy, a South Jordan, UT-based accounting practice management software company, has raised $70 million in Series C funding.
Investors
The round was led by Viking Global Investors, with participation from Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital.
About Viking Global Investors
Founded in 1999, Viking Global Investors is a global investment firm with a long-term, research-intensive approach to investing. The firm manages over $51 billion in capital across public and private investments. With offices in Stamford, New York, Hong Kong, London, and San Francisco, Viking is registered as an investment adviser with the U.S. Securities and Exchange Commission.
Canopy Use of Funds
The company will use the funding to enhance its AI-driven platform, improve efficiency for accounting firms, and explore potential strategic acquisitions.
About Canopy
Canopy is a SaaS company that provides cloud-based practice management software for accounting, tax, and bookkeeping firms. Its platform integrates essential functions such as client management, document handling, workflow automation, time tracking, billing, and communication tools, all within a single system. With features like a secure client portal, eSignatures, mobile access, and AI-driven insights, Canopy helps firms improve efficiency, client service, and profitability. Headquartered in South Jordan, Utah, the company serves over 4,000 accounting firms.
Funding Details
Company: Canopy Tax, Inc.
Raised: $70.0M
Round: Series C
Funding Date: April 2025
Lead Investor: Viking Global Investors
Additional Investors: Ten Coves Capital, Ankona Capital, Pelion Venture Partners, Tenaya Capital
Company Website: https://www.getcanopy.com
Software Category: Accounting
Source: https://www.businesswire.com/news/home/20250429311737/en/