Following strong momentum, new infusion of capital will enable Canopy to invest further in development of Practice Management suite
Canopy, the leading cloud-based practice management platform for accounting professionals, announced it has received $11 million in new funding. The round includes new investor Ankona Capital as well as existing investors NewView Capital, Pelion Venture Partners and Tenaya Capital among others. This new capital will be used to continue to build the accounting industry’s first cloud-first, mobile, modern practice suite.
“The accounting industry has been waiting for a very long time for the solution we’ve built. This additional $11M in funding will be integral in enabling us to continue developing even new features our customers have requested,” said Davis Bell, CEO, Canopy. “The large investments we’ve made in product development are now paying off in the form of record-high customer usage, retention and expansion. Our suite can now compete toe-to-toe with the legacy on-premise software suites for mid-size and large accounting firms, and this is showing up in our post-tax season marketing and sales metrics.”
The accounting industry continues to undergo a shift towards cloud-based solutions built with both the accountant and the accountant’s client in mind – a trend that was accelerated by the pandemic. Canopy is investing in the development of its product in order to be at the forefront of this trend, identifying pain points and delivering value to customers while developing the innovative solutions accounting professionals need to operate successfully.
“We first invested in Canopy because we knew that the accounting software industry was stagnant and ripe for disruption. Accountants and their clients are demanding modern solutions that allow them to work and interact virtually, and the large industry players haven’t been able to deliver what customers want,” said Chad Packard, General Partner at Pelion Venture Partners. “Over the past 18 months, Canopy has executed incredibly well on the vision of bringing modern cloud software to accounting practices, and we’re thrilled to continue to back the team at Canopy in their quest to modernize the accounting software stack.“
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