Financial model developer Canalyst scores $20m in Series B

Canalyst, a company which builds financial models, has scored $20m Series B led by an unnamed strategic investor.

Other contributions to the round came from ScaleUP Ventures and previous Canalyst backer Vanedge Capital. The company has raised a total of $28m in equity to-date.

Funds from the round will be used for geographic expansion and improving its product. The company is also looking to increase its team size, with a focus on the product enhancement and client service teams.

Asset managers, hedge funds, and family offices use Canalyst to access better investment options and improve their returns. The startup gives access to Excel models which are updated with quarterly earnings and major corporate events.

Financial models each contain a variety of information include valuation metrics, margin analysis and a revised income statement.

Canalyst chairman John Montalbano said, “The investment industry is continuing to experience persistent evolutionary forces, leading to buyside fee compression and meaningful cutbacks in research coverage at brokerage houses. This global dynamic is compounded by regulatory advancements such as MiFID II, which seeks to increase fee transparency for services rendered.

“Canalyst provides investment firms invaluable access to accurate and granular financial data that flexibly incorporates into their analysis in a manner that lowers costs, expands addressable market coverage, and increases speed of execution.”

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