Canopy Raises $70 Million Series C to Accelerate AI-Powered Accounting Transformation

Draper, Utah - April 23, 2025

Canopy, a cloud-based Practice Management solution for accounting firms, has closed a $70 million Series C round. The Series C investment was led by Viking Global Investors, a global firm headquartered in Stamford, CT and founded in 1999 that manages over $51 billion in assets. Existing investors Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital also participated.

Following a $35 million raise in May 2024, this latest round puts the total capital raised by Canopy at $285 million. It underscores Canopy’s rapid momentum as it intensifies its investment in artificial intelligence. The funding will accelerate product development aimed at helping medium and large accounting firms become more efficient, profitable, and scalable. Canopy also plans to explore growth through strategic acquisitions.

According to CEO Davis Bell, “Our mission is to help accountants to focus on what drew them to the profession in the first place: being accountants. They want to apply their expertise to delivering real value to clients–not chasing documents, renaming PDFs, and sending invoices. We were already making these tasks easier, but with AI we’re now automating them away entirely. This frees up time and resources and generates insights that help firms better serve clients, increase profitability, and reduce team burnout. As the operating system for accounting firms, Canopy is the natural starting point for the AI transformation of the industry.”

Canopy offers a fully integrated practice management platform that enables accounting firms to manage everything from proposal to payment. Its solutions cover client engagement, document management, workflow, time and billing, engagements and proposals, and more. Trusted by over 4,000 firms, Canopy is SOC 2-certified and data-encrypted.

Learn more at www.getcanopy.com.