Canopy – a firm-wide operating system helping accountants build the firms they always wanted – announced it raised $35 million in an oversubscribed funding round. This funding round was led by Ten Coves Capital and Ankona Capital, with participation from Pelion Venture Partners, Tenaya Capital, and NewView Capital. The $35 million funding round will be channeled towards doubling down on Canopy’s vision for leveraging AI to make firms exponentially more efficient.
Launched to free up accountants so they can spend their time helping their clients succeed, Canopy delivers the industry’s first firm-wide operating system. The suite of AI-enabled tools is tailored to power the entire customer lifecycle from proposal to payment, including client engagements, document management, workflow optimization, and time and billing.
With its significant product investment to date, Canopy can effectively serve all firms, from sole proprietors to those with hundreds of employees. Besides investing in its product, Canopy has spent substantial time and resources making it easy for firms to move their data from legacy platforms to Canopy.
KEY QUOTES:
“I’ve been watching and waiting for many years for a company to emerge as the modern default operating system for accounting firms, relieving firms from the need to string together a host of disparate point solutions. That company is Canopy. They’ve invested tremendous resources into their product, and Canopy is now poised to capture the market.”
– Industry thought leader Darren Root
“This fresh round of funding is a testament to our rapid growth as well as a vote of confidence in our vision of helping accounting firms adopt AI to better serve their clients. Accountants today spend tremendous amounts of time on non-strategic, non-client- facing tasks. We are deploying AI to automate those tasks, enabling accountants to spend all of their time doing what they actually love: working directly with clients on strategic activities.”
– Canopy CEO Davis Bell
“In a world awash in AI hype, Canopy is laser-focused on leveraging modern tech to solve the real-world pain points of accounting firms. We’re fortunate to have led Canopy’s last growth financing in 2021 and are thrilled to increase our support for the business as it doubles down on serving the needs of accounting firms of all sizes.”
– Ned May, Co-Founder and Managing Partner of Ten Coves Capital
