Canopy: $13 Million In Funding And Davis Bell Named As CEO

By Annie Baker ● December 6, 2019
  • Canopy, a leading cloud-based practice management platform for tax professionals, announced it raised $13 million

Canopy — a leading cloud-based practice management platform for tax professionals — announced that has raised $13 million in a new round of funding led by NewView Capital, Pelion Venture Partners, and Tenaya Capital. The funding is comprised of $8 million in funding and $5 million in debt financing. Including this round of funding, Canopy has raised a total of $85 million. The company also announced that it has hired Davis Bell as the new CEO.

“I am thrilled to join Canopy, instantly attracted to its mission, its team and its solution set. I have focused my career on successfully scaling great companies and have already dug in with the team,” said Bell. “We are energized by our expanded leadership bench and refined product vision and are thrilled that our investors continue to support us as we transform the work of accountants across the country every day with digital solutions that empower them to work smarter.”

Bell is coming to the company at a time of refined product vision led by Larry Furr — who joined as Canopy’s vice president of product earlier this year.

Upon listening to the needs of its thousands of customers across the country, the company is focusing on its Practice Management and Tax Resolution solutions — which will entail moving its Tax Prep solution to private beta and for public release in the near future.

“The demands on accountants are more pressing and are evolving more rapidly than ever before, and technology will play a critical role in this dynamic,” added Pelion partner Chad Packard. “As digital transformation takes hold in accounting, Canopy is well-positioned to lead this charge. We are excited to have Davis on board and will continue to collaborate with Canopy’s leadership and board in this mission.”

Bell previously held critical leadership roles in operations, product, sales, strategy and finance at several companies, including Instructure, Sales Rabbit, and Imagine Learning. And most recently, he was the head of the Utah office for where he led the customer onboarding, customer success, product support, HR, and company culture functions.