Revenue Intelligence Company Canopy Raises $2 Million

By Noah Long ● Jun 11, 2020
  • Revenue intelligence SaaS company Canopy announced that it raised $2 million in a seed round of funding

Revenue intelligence SaaS company Canopy announced that it raised $2 million in a seed round of funding. This round of funding was led by High Alpha Capital and Elevate Ventures with participation from IU Ventures and Service Provider Capital.

Canopy is led by CEO and Co-Founder Pat Rodgers — a veteran sales executive and leader who started Canopy alongside High Alpha’s venture studio in 2019. And he most recently served as VP of Sales at LearnCore, which was acquired by Showpad.

“Sales Managers are grossly underserved by technology, and yet they have enormous influence over whether or not revenue teams hit their target,” said Rodgers. “With active monitoring, Canopy eliminates the time wasted trying to connect and analyze data and provides teams with the real-time information they need to be proactive. We built Canopy to be a revenue leader’s eyes and ears.”

Sales managers are using Canopy to connect the disparate data that lives in their tech stack. And Canopy’s Signals feature uses artificial intelligence and machine learning to uncover actionable insights around forecasting, coaching, and analytics.

With these insights, Canopy can identify and alert sales and revenue leaders to risks and opportunities that may impact their pipeline. And Canopy has already built integrations with Salesforce, HubSpot’s Sales Hub, and Slack to provide sales managers with a 360-degree view of their sales teams’ pipelines.

“Too many sales analytics tools today require you to sift through data and come to your own conclusions. You’re forced to live in the past, often relying on lagging indicators to make business decisions,” added Sean Marshall, VP of Global Sales at Klaviyo. “Our business moves incredibly fast, so we needed something that could provide more context around what’s happening across each of our teams and segments. Canopy’s real-time alerts and insights-driven analytics platform have given us the data we need to make confident decisions on the fly. We feel more empowered, more informed and generally just more connected to what’s happening across our entire sales funnel.”

With this funding round, Canopy will scale product development, build additional integrations, and grow its sales and marketing teams.

“Canopy is purpose-built to surface critical information on each deal, providing insights that enable revenue teams to hit their targets,” commented Mike Fitzgerald, Partner at High Alpha. “Pat and his team know that accurate forecasting and data-driven coaching have a direct impact on the performance of revenue teams in any industry. Sales leaders are asking for this information and Canopy is ready to deliver.”