Canopy, an operating system for accountants, has raised $70m in its Series C funding round.
The investment round was led by Viking Global Investors, with participation from Ten Coves Capital, Ankona Capital, Pelion Venture Partners and Tenaya Capital.
Set up in 2014, the accounting practice management solutions provider is headquartered in the US.
Canopy’s offering is designed to support medium and large accounting practices in managing various aspects of their operations.
It includes client engagement, document management, workflow, time and billing, and proposals.
The platform aims to simplify processes from proposal to payment, enhancing overall company efficiency.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCanopy plans to use the funding to enhance its platform. A key priority will be harnessing AI to boost efficiency and profitability for mid-sized and large accounting practices.
Additionally, Canopy plans to explore growth opportunities through acquisitions, further expanding its capabilities and market reach.
Canopy CEO Davis Bell said: “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 are 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.”
In May 2024, Canopy raised $35m in an oversubscribed funding round.
The round was co-led by Ten Coves Capital and Ankona Capital, with participation from Pelion Venture Partners, Tenaya Capital and NewView Capital.
At the time, the start-up said: “Investment will be channelled towards doubling down on Canopy’s vision for leveraging AI to make firms exponentially more efficient.”
