Canopy - Series C
$70M Raised
#Accounting software isn't supposed to feel cool. And yet here we are, talking about Canopy, a firm that turned what used to be every accountant’s logistical migraine into a streamlined, cloud-powered symphony. Let’s get one thing straight: this isn’t your dad’s Excel spreadsheet. This is the operating system for accounting firms who want to scale with intelligence, automate the admin hellscape, and finally get paid for the value they bring, not the paperwork they push.
Founded in 2014 by Kurt Avarell, a Wall Street tax attorney who saw the system from the inside and said, “Nah, there’s a better way,” Canopy began in a basement and scaled like a software stealth bomber. By 2015, it rebranded and rewired the expectations of an industry that had grown way too comfortable in analog. With Doug McLean by his side and Davis Bell stepping in as CEO in 2019, Canopy’s not just building a platform, they’re constructing the financial scaffolding that modern firms actually want to use.
Let’s talk numbers, because the stack speaks: $70M raised in a fresh Series C led by Viking Global Investors, with Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital running it back. That’s not just fuel. That’s conviction. Over $285M total now invested in a vision that’s SOC 2 certified, data encrypted, and currently trusted by 4,000+ firms, firms like TransPerfect, TresVista, and Ontario Teachers' Pension Plan. When you can land enterprise clients and still scale across medium-sized firms in the same breath, you’re not just winning, you’re defining the standard.
And here’s the part that should make the legacy players sweat a little: this round isn’t about coasting on momentum. It’s about compounding it. Canopy’s doubling down on AI. They’re building deeper integrations. They’re setting sights on acquisitions and expanding their reach across North America and beyond. They're solving a core problem most firms didn’t even know was costing them seven figures a year, workflow inefficiency disguised as “the way we’ve always done it.”’
Let’s connect and keep the momentum going across the tech ecosystem. Whether you’re a founder shaping the future, a leader driving change, a VC backing bold ideas, or an investor spotting the next big thing—together, we’re pushing boundaries. Proud to be building the future with you.
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