About Canopy
Canopy is a company based in Lehi (United States) founded in 2014. It operates as a SaaS (Software-as-a-Service). Canopy has raised $292.02 million across 14 funding rounds from investors including Wells Fargo, Ten Coves Capital and Ankona Capital. The company has 104 employees as of December 31, 2020. Canopy offers products and services including Practice Management Suite, Client Engagement, Tax Resolution, and Canopy AI. Canopy operates in a competitive market with competitors including FloQast, SafeSend, Silverfin, Suralink and Grasp, among others.
- Headquarter Lehi, United States
- Employees 104 as on 31 Dec, 2020
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Sectors
Technology
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Email
***********
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Phone
*********
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Website
*********
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Social
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- Legal Name Canopy Tax, Inc.
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$292.02 M (USD)
in 14 rounds
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Latest Funding Round
$70 M (USD), Series C
Apr 23, 2025
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Investors
Wells Fargo
& 11 more
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Employee Count
104
as on Dec 31, 2020
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Products & Services of Canopy
Canopy offers a comprehensive portfolio of products and services, including Practice Management Suite, Client Engagement, Tax Resolution, and Canopy AI. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Software is provided for accounting firm management needs.
Tools are offered for enhancing client relationship management.
Solutions are delivered for managing complex tax issues.
AI tools are integrated for automating routine tasks.
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Funding Insights of Canopy
Canopy has successfully raised a total of $292.02M across 14 strategic funding rounds. The most recent funding activity was a Series C round of $70 million completed in April 2025. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 14
- Last Round Series C — $70.0M
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First Round
First Round
(23 Jul 2014)
- Investors Count 12
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Apr, 2025 | Amount | Series C - Canopy | Valuation |
investors |
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| Apr, 2025 | Amount | Series E - Canopy | Valuation |
investors |
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| May, 2024 | Amount | Series C - Canopy | Valuation | Ten Coves Capital , Ankona Capital |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Canopy
Canopy has secured backing from 12 investors, including venture fund and institutional investors. Prominent investors backing the company include Wells Fargo, Ten Coves Capital and Ankona Capital. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Fintech startups are funded by this venture capital firm.
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Founded Year | Domain | Location | |
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Investments are made by Ankona Capital in early-stage software companies.
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Founded Year | Domain | Location | |
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US focused early-stage VC firm
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Canopy
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Canopy
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Canopy Comparisons
Competitors of Canopy
Canopy operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as FloQast, SafeSend, Silverfin, Suralink and Grasp, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Automated account reconciliation is facilitated by a cloud-based platform.
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| domain | founded_year | HQ Location |
Tax automation solutions are provided for accountants' digital return delivery.
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| domain | founded_year | HQ Location |
Cloud-based accounting workflow and practice management solutions for businesses
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| domain | founded_year | HQ Location |
Workflow management software is provided for accounting firms' document handling.
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| domain | founded_year | HQ Location |
Grasp is focused on preventing errors in media buying.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Canopy
Frequently Asked Questions about Canopy
When was Canopy founded?
Canopy was founded in 2014.
Where is Canopy located?
Canopy is headquartered in Lehi, United States. It is registered at Lehi, Utah, United States.
Who is the current CEO of Canopy?
Davis Bell is the current CEO of Canopy.
Is Canopy a funded company?
Canopy is a funded company, having raised a total of $292.02M across 14 funding rounds to date. The company's 1st funding round was a Series C of $35M, raised on Jul 23, 2014.
How many employees does Canopy have?
As of Dec 31, 2020, the latest employee count at Canopy is 104.
What does Canopy do?
Canopy is established as a provider of all-in-one practice management software tailored for accounting and tax firms. Solutions are offered across various sectors including client engagement, document management, workflow optimization, and tax resolution. The platform is designed to integrate AI-driven tools, mobile app support, and client portals to streamline operations. Services are extended to private equity-backed and future-focused firms, emphasizing data-driven management and practice optimization. Communication and collaboration tools are also provided to enhance client and staff interactions.
Who are the top competitors of Canopy?
What products or services does Canopy offer?
Canopy offers Practice Management Suite, Client Engagement, Tax Resolution, and Canopy AI.
Who are Canopy's investors?
Canopy has 12 investors. Key investors include Wells Fargo, Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital.
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