Canopy, a cloud-based practice management platform for accountants, has scored $11m in fresh funding.
The round was backed by Ankona Capital and previous Canopy investors NewView Capital, Pelion Venture Partners and Tenaya Capital.
Funds from the round have been earmarked for product enhancements.
Canopy CEO Davis Bell said, “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.â€
The FinTech company offers accountants in the US a cloud-based practice management software that helps boost efficiency and organisation. Its solution as SOC2 certified and data encrypted to ensure private data is secure.
Its practice management software enables teams to better collaborate and track what tasks are being completed and the time spent on specific parts of the project. There are also document management tools to keep tabs on important documents and files needed by the team.
Canopy also offers tax resolution tools, with features including notices dashboard, transcripts, easy-to-read reports, client surveys and more.
Pelion Venture Partners general partner Chad Packard said, “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.
“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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