Canopy Valuation, Funding & Investors
Canopy is valued at $63M as of March 2021.
Last Canopy valuation
$63M
Undisclosed stage · Mar 2021
Last Canopy funding round
$70M
Series C · Apr 2025
Cumulative funding Canopy raised
$253M
across 11 funding rounds
Key investors in Canopy
Pelion Venture Partners
Tenaya Capital
New Enterprise Associates
EPIC Ventures
NewView Capital
Ankona Capital Partners
About Canopy
Canopy is a cloud-based practice management platform for accounting firms that incorporates CRM, client portals, document management, e-signatures, workflow automation, time tracking, billing, payments, tax resolution tools, and IRS transcript access. Headquartered in Durham, North Carolina, the service streamlines operations for over 10,000 U.S. firms handling compliance and client communications.
Founded
2014
HQ
Salt Lake City, UTWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$63M (Mar 2021)
Canopy Valuation
Canopy is currently valued at $63M, based on its undisclosed-stage round in March 2021.
Canopy valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2021 | Undisclosed stage | $63M |
Canopy Funding History
Canopy has raised a total of $253M across 11 funding rounds.
Canopy's first fundraising round was a $2M seed round in July 2014. The most recent completed round was a $70M Series C in April 2025.
Canopy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2025 | Series C | Viking Global Investors (lead); Tenaya Capital; Ankona Capital Partners; Ten Coves Capital; Pelion Venture Partners | $70M | - | Canopy is a firm-wide operating system for accounting firms, offering an integrated practice management solution that covers client engagement, document management, workflow, time and billing, proposals, and processes from proposal to payment. The platform is designed to simplify operations, enhance efficiency, and is trusted by over 4,000 accounting firms, with SOC2 certification and data encryption. On April 23, 2025, Canopy raised $70 million in its Series C funding round, led by Viking Global Investors, with participation from existing investors Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital. This followed a $35 million oversubscribed round in May 2024 co-led by Ten Coves Capital and Ankona Capital, with Pelion Venture Partners, Tenaya Capital, and NewView Capital. The Series C funding will accelerate Canopy's investment in its platform, with a strong emphasis on leveraging AI to automate tasks like document chasing and invoicing, thereby boosting efficiency, profitability, and reducing burnout for medium and large accounting firms. CEO Davis Bell highlighted that AI enables accountants to focus on delivering client value rather than administrative work, positioning Canopy as the starting point for AI transformation in the accounting industry. The company also plans to pursue growth through acquisitions to expand capabilities and market reach. Viking Global Investors, the lead, manages over $51 billion across public and private investments and has a research-intensive approach. Legal representation was provided by Foley & Lardner LLP for the round. |
| May 2024 | Series C | Ankona Capital Partners (lead); Ten Coves Capital (lead); Tenaya Capital; NewView Capital; Pelion Venture Partners | $35M | - | Canopy is a South Jordan, UT-based SaaS company providing a cloud-based practice management platform for accounting, tax, and bookkeeping firms. Its firm-wide operating system integrates client management, document handling, workflow automation, time tracking, billing, communication tools, secure client portals, eSignatures, mobile access, and AI-driven insights to improve efficiency, client service, and profitability. The platform serves firms from sole proprietors to those with hundreds of employees and is trusted by over 4,000 accounting firms, with SOC2 certification and data encryption. On May 8, 2024, Canopy raised $35 million in an oversubscribed funding round, referred to as Series BB in some reports, led by Ten Coves Capital and Ankona Capital Partners, with participation from NewView Capital, Pelion Venture Partners, and Tenaya Capital. The investment aims to double down on Canopy's AI vision to automate non-strategic tasks for accountants, enabling focus on client-facing strategic activities, and to support product investments and data migration from legacy platforms. CEO Davis Bell highlighted rapid growth and AI adoption, while Ten Coves Capital's Ned May noted their prior 2021 investment and confidence in scaling for all firm sizes. This round follows earlier financings, including a 2021 growth round and a prior $50 million raise in 2019 at $200 million valuation. A subsequent $70 million Series C in April 2025 was led by Viking Global Investors with participation from the same investors (excluding NewView Capital), focusing further on AI enhancements, efficiency for medium/large firms, and potential acquisitions. |
| Dec 2021 | Series B | Ten Coves Capital (lead); Tenaya Capital; Ankona Capital Partners; NewView Capital; Pelion Venture Partners | $35M | - | Canopy is a cloud-based practice management software platform designed for accounting professionals and accounting firms. The company offers an integrated suite of tools including client management, document management, workflow management, time and billing, engagements and proposals, specialty compliance solutions for IRS transcripts, and other practice management features. Canopy's solutions are SOC2-certified and data-encrypted, and the company serves over 3,000 accounting firms. In December 2021, Canopy announced a $35 million Series BB funding round led by Ten Coves Capital with participation from existing investors NewView Capital, Pelion Partners, Tenaya Capital, and Ankona Capital. The round was described as oversubscribed. According to Ten Coves Capital's managing partner Ned May, the firm was drawn to Canopy based on its product quality, strong revenue and customer growth, and vision to build a best-in-class practice management solution for the accounting market. The funding was intended to accelerate Canopy's mission to become the default operating system for accounting firms, with particular focus on serving larger firms and building integrations with applications that accountants use. Canopy's CEO Davis Bell emphasized that the funding would help advance the company's best-in-class practice management suite to serve larger accounting firms more effectively. |
| Jun 2021 | Series C | Ankona Capital Partners (lead); Tenaya Capital; NewView Capital; Pelion Venture Partners | $11M | - | Canopy is a cloud-based practice management platform designed for accounting professionals. The platform provides an integrated suite including time and billing, document management, workflow automation, client engagement tools, and proposals to help accounting firms streamline operations from client acquisition through payment. In June 2021, Canopy announced an $11 million funding round led by new investor Ankona Capital, with participation from existing investors NewView Capital, Pelion Venture Partners, and Tenaya Capital. The company stated that the capital would be used to continue building out its modern cloud-first practice management suite and developing requested customer features. At the time of the round, CEO Davis Bell highlighted strong product-market traction, citing record-high customer usage, retention, and expansion metrics. He noted that Canopy's platform had reached competitive parity with legacy on-premises software for mid-size and large accounting firms, with momentum visible in post-tax season marketing and sales performance. The company was serving thousands of accounting professionals nationwide and offered integrations with QuickBooks, Office 365, Google G Suite, Zapier, and other tools. |
| Mar 2021 | Undisclosed stage | - | $22M | $63M | Canopy Servicing raised a $15 million Series A round in August 2021 at a $48 million pre-money and $63 million post-money valuation, per CEO Matt Bivons. The round came during a hot period for fintech startups with fast customer growth reported. Investors included Canaan and Homebrew among others. This preceded a 2023 Series A1 round of $15.2 million at a lower $50.2 million post-money valuation due to market conditions, co-led by Foundation and Infinity Ventures with existing investors participating on super pro-rata terms. Canopy provides software for loan servicing in fintech, processing significant payment volumes. In 2023, it reported gross margins above 80%, net revenue retention closer to 200% than 150%, and expectations to process over $1 billion that year while growing annual recurring revenue 2.5x to 3x. Canopy Servicing demonstrated strong unit economics and growth to secure follow-on funding despite a tougher market in 2023. |
| Dec 2019 | Series A | NewView Capital (lead); Tenaya Capital; Pelion Venture Partners | $8M | - | Canopy is a cloud-based practice management platform for accounting and tax professionals, offering tools for client management, document management, workflow, time and billing, and IRS compliance solutions. In 2019, the company appointed Davis Bell as CEO to focus exclusively on practice management and raised $13 million in funding and debt financing around that time. The specific investors NewView Capital (lead), Pelion Venture Partners, and Tenaya Capital participated in Canopy's funding activities, as evidenced by their involvement in later rounds. Canopy later raised $35 million in a Series B2 round in 2024 led by Ten Coves Capital and Ankona Capital, with participation from Pelion Venture Partners, Tenaya Capital, and NewView Capital, to advance AI-driven efficiencies for accounting firms. |
| May 2018 | Series B | New Enterprise Associates (lead); Nyca Partners (lead); Tenaya Capital (lead) | $12M | - | Canopy, a cloud-based practice management platform for tax and accounting professionals, extended its latest funding round to $42 million led by New Enterprise Associates, with participation from Tenaya Capital and Nyca Partners. The funding was announced around May 2018 to support product updates and enhancements for streamlining tax processes. Canopy launched its Notices solution in May 2018 to help professionals research, respond, and resolve IRS issues for clients. The company had recently partnered with Wells Fargo Strategic Capital in March 2018 and was recognized as one of the top 3 highest-rated private cloud companies to work for by Battery Ventures and Glassdoor. |
| Mar 2018 | Undisclosed stage | New Enterprise Associates (lead); Wells Fargo Strategic Capital; EPIC Ventures; Pelion Venture Partners; University Growth Fund | $30M | - | - |
| Mar 2017 | Series B | Pelion Venture Partners (lead); New Enterprise Associates; Deep Fork Capital; BYU Cougar Capital; EPIC Ventures | $20M | - | - |
| Jun 2015 | Series A | New Enterprise Associates (lead); Deep Fork Capital; EPIC Ventures | $8M | - | - |
| Jul 2014 | Seed | New Enterprise Associates (lead); Deep Fork Capital; EPIC Ventures | $2M | - | - |
Who has invested in Canopy?
13 investors have backed Canopy across its funding rounds, including Pelion Venture Partners, Tenaya Capital, New Enterprise Associates, EPIC Ventures, NewView Capital and Ankona Capital Partners.
Lead investors include Viking Global Investors, Ankona Capital Partners, Ten Coves Capital, NewView Capital, New Enterprise Associates and 3 other investors.
Canopy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Salt Lake City, UT | 7 | Lead | Mar 2017 | |
| San Francisco, CA | 6 | Lead | May 2018 | |
| San Francisco, CA | 5 | Lead | Jul 2014 | |
| Los Angeles, CA | 4 | Lead | Jun 2021 | |
| San Francisco, CA | 4 | Lead | Dec 2019 | |
| Salt Lake City, UT | 4 | Participant | Jul 2014 | |
| San Francisco, CA | 3 | Participant | Jul 2014 | |
| Stamford, CT | 3 | Lead | Dec 2021 | |
| San Francisco, CA | 1 | Participant | Mar 2018 | |
| New York City, NY | 1 | Lead | May 2018 | |
| Provo, UT | 1 | Participant | Mar 2017 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCanopy Competitors
Canopy competitors include listed companies like WebCash and Fast Accounting co, and private ones like InvestNext, HazelTree, Gappify and FR33M3N.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Detroit, MI | Private | - | - | $59M | - | |
| New York City, NY | Private | - | - | $95M | - | |
 South Korea | Publicly listed | $54M | $14M | $63M | 0.8x | |
 Japan | Publicly listed | $15M | $3M | $63M | 2.8x | |
| New York City, NY | Private | - | - | $65M | - | |
 London | Private | - | - | $61M | - |
Canopy Public Comps
Canopy is still privately-owned, but its public comps include WebCash, Fast Accounting co, GetBusy, AutoCount, Valtes Holdings, Creactives Group, Credit Clear, Link Bilgisayar, IODM and Xp Industrial FII.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $54M | $14M | 0.9x | 0.8x | 3.3x | 3.9x | |||
| $15M | $3M | 3.5x | 2.8x | 18.2x | - | |||
| $30M | $2M | 2.1x | 2.0x | 35.2x | 32.5x | |||
| $18M | $11M | 2.7x | - | 4.6x | - | |||
| $77M | $6M | 0.6x | 0.6x | 7.4x | - | |||
| $8M | $61K | 6.4x | 5.0x | 841.8x | 57.5x | |||
| $43M | $7M | 0.7x | 0.7x | 4.8x | 4.0x | |||
| $29M | $11M | 2.3x | - | 5.9x | - | |||
This data is available for Pro users. Sign up to see all Canopy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Canopy
| When was Canopy founded? | Canopy was founded in 2014. |
| Where is Canopy headquartered? | Canopy is headquartered in Salt Lake City, UT, United States. |
| Is Canopy publicly listed? | No, Canopy is a private, VC-backed company. |
| What is Canopy's valuation? | Canopy was last valued at $63M in its undisclosed-stage round in March 2021. |
| How much funding has Canopy raised? | Canopy has raised $253M across 11 funding rounds. |
| What was Canopy's last funding round? | Canopy's last funding round was a $70M Series C in April 2025, led by Viking Global Investors. |
| Who are Canopy's investors? | Canopy's investors include Pelion Venture Partners, Tenaya Capital, New Enterprise Associates, Ankona Capital Partners, NewView Capital, EPIC Ventures, Deep Fork Capital, Ten Coves Capital, Wells Fargo Strategic Capital, Nyca Partners and 3 others. |
| Which companies are comparable to Canopy? | Companies comparable to Canopy include InvestNext, HazelTree, WebCash, Fast Accounting co, Gappify and FR33M3N. |
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