Canopy, a practice management platform for accounting firms, has secured $70 million in Series C funding to accelerate the development of AI-powered tools for medium and large firms. The round was led by Viking Global Investors, with continued support from existing backers Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital.
The raise comes just months after Canopy’s $35 million round in May 2024, bringing its total funding within the last year to over $100 million.
Canopy sits at the intersection of accounting and automation, a space gaining urgency as firms face increasing client demands and internal efficiency pressures. By embedding AI across its platform, Canopy aims to minimize the time accountants spend on repetitive, manual tasks—an approach that directly addresses profitability, client service, and team burnout.
“At Canopy, our mission is to help accountants to focus on what drew them to the profession in the first place: being accountants,” said Davis Bell, CEO of Canopy. “We were already making these tasks easier, but with AI we’re now automating them away entirely.”
The company plans to use the funds to accelerate its investment in product innovation, with a focus on embedding AI deeper into its platform. This includes automating time-consuming workflows, optimizing client communications, and delivering real-time insights to accounting firms.
Canopy is also exploring acquisition opportunities that could enhance its platform or expand its reach. The goal, according to the company, is to solidify its position as the go-to operating system for modern accounting firms navigating digital transformation.
Founded to help accounting firms operate more efficiently, Canopy now serves over 4,000 firms. The platform offers tools for managing everything from proposals and client engagement to billing, time tracking, and document workflows. Canopy’s solutions are SOC2-certified and include data encryption, ensuring compliance and security for its users.
Led by CEO Davis Bell, the company positions itself not just as a tool but as a full operating system for the evolving needs of accounting professionals. The platform’s integrated nature makes it a central hub for daily firm operations.
Viking Global Investors, the lead investor in this round, brings deep experience managing over $51 billion across public and private markets. With offices in Stamford, New York, San Francisco, London, and Hong Kong, Viking’s participation signals a strong belief in Canopy’s long-term market opportunity.
Repeat backing from Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital adds further momentum, as these firms have supported Canopy through earlier stages of growth.
