Canopy Raises $35M Funding

Canopy, a South Jordan, UT-based provider of a firm-wide operating system for accountants, raised $35M in funding.

The round was led by Ten Coves Capital and Ankona Capital, with participation from Pelion Venture Partners, Tenaya Capital, and NewView Capital.

The company intends to use the funds to expand operations and development efforts.

Led by CEO Davis Bell, Canopy offers a firm-wide operating system that provides an integrated practice management solution, which includes client engagement, document management, workflow, time & billing, engagements & proposals, and more. Used by over 3,000 accounting firms, its products are SOC2-certified and data-encrypted.

Commenting on the news, Davis Bell said: “This fresh round of funding is a testament to our rapid growth as well as a vote of confidence in our vision of helping accounting firms adopt AI to better serve their clients.”