Canopy, a company that has built a firm-wide operating system designed to help accountants operate the accounting firm of the future, announced a $70 million Series C funding round. Viking Global Investors (a global investment firm with over $51 billion in capital under management) led the funding round, with continued participation from existing investors Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital.
This funding will be used to further ramp up Canopy’s market-leading investment in its platform. The company will focus on leveraging AI to make medium and large accounting firms more efficient and profitable. It will also evaluate opportunities to grow through acquisitions.
Canopy’s fully integrated practice management solution enables medium and large accounting firms to manage everything from proposal to payment, including client engagement, document management, workflow, time and billing, engagements and proposals, and more. Trusted by 4,000+ accounting firms, Canopy’s solutions are SOC2-certified and data-encrypted.
KEY QUOTE:
“At Canopy, our mission is to help accountants to focus on what drew them to the profession in the first place: being accountants. They want to apply their expertise to delivering real value to clients–not chasing documents, renaming PDFs, and sending invoices. We were already making these tasks easier, but with AI we’re now automating them away entirely. This frees up time and resources and generates insights that help firms better serve clients, increase profitability, and reduce team burnout. As the operating system for accounting firms, Canopy is the natural starting point for the AI transformation of the industry.”
Canopy CEO Davis Bell
