Canopy Raises $11M For Its Practice Management Software

Julija A. Image
ByJulija A.
July 12,2021

Canopy, a practice management software provider for accounting businesses, secured an additional $11 million in funding on June 29. The latest funding round involved a new investor called Ankona Capital, joined by long-term investors NewView Capital and Tenaya Capital.

With the COVID-19 pandemic shifting business toward working remotely, this practice management software needs to develop further to accommodate larger companies.

The Utah-based company plans to use the funds to continue further improving its cloud-based software. Davis Bell, the Canopy CEO, said that the company has invested lots of money into its platform and plans to continue investing. The funds from this funding round will also be geared toward further development of the existing company offers.

“It’s less about adding and more around just enhancing each of our product subcategories: document management, CRM and client portal, workflow, time and billing, and payments and invoicing. We’ve got big plans for all of those.” Bell added.

Both old and new investors have high hopes for this team. Pelion Venture Partners, one of the original investors, backed Canopy again in the latest round, satisfied with the company’s progress. A general partner at Pelion, Chad Pacard, said “We first invested in Canopy because we knew that the accounting software industry was stagnant and ripe for disruption. 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.”

It didn’t always go as smoothly for Canopy, as the company had its fair share of setbacks since starting out back in 2014. The company’s ambitious plan to branch out into tax preparation software failed, and Canopy had to lay off 81 full-time employees, brought in during a previous hiring spree. Additionally, customers will have to wait for the new version of Canopy’s tax preparation software, as the latest round of funds will not go towards reviving that aspect of the company’s offer.

Instead, the company has already started hiring new product development employees. The team was also recently relocated into a smaller office, emphasizing developing practice management software and its integrations with other accounting and tax software products.

When asked about future integrations, Canopy’s CEO had the following to say: “We have some exciting developments. I can’t talk about them quite yet, but we’re getting some good traction with some established players that we think will be very helpful on that front”.

About author

Julia A. is a writer at SmallBizGenius.net. With experience in both finance and marketing industries, she enjoys staying up to date with the current economic affairs and writing opinion pieces on the state of small businesses in America. As an avid reader, she spends most of her time poring over history books, fantasy novels, and old classics. Tech, finance, and marketing are her passions, and she’s a frequent contributor at various small business blogs.

More from news

Walmart is teaming up with Ford Motor and the automaker’s autonomous driving affiliate Argo AI as it expands its self-driving delivery service.
By Julija A. · September 21,2021
Billionaire entrepreneur and venture capitalist Peter Thiel has bankrolled HySpecIQ with more than $20 million.
By Julija A. · September 21,2021
Updated Centers for Disease Control and Prevention guidelines for fully vaccinated people from July 27 have prompted Walmart to revise its policy regarding wearing face coverings in its stores. The largest retailer in the world has again made it mandatory for all of its employees to wear masks in stores, clubs, and distribution centers in areas with substantial or high COVID-19 infection rates and where there are state or local face-covering mandates. In May, the retailer announced that immunized employees were allowed to work without masks. On July 30, this decision was reversed. The move came as US health officials said that even Americans who have been fully vaccinated against the coronavirus should go back to wearing face coverings in indoor public places in counties where the virus is spreading rapidly. Walmart’s memo also indicated that the company’s retail workers would post signage at its stores asking customers to wear masks, practice social distancing, and make payments using their debit or credit cards rather than cash. Furthermore, Walmarts has announced that all of its workers will receive a $150 incentive for getting inoculated against COVID-19. This is double the amount the retailer has previously been offering, and those who have already received $75 will get the rest in their August paychecks. The memo also states it has been made a part of store managers’ job to regularly check the CDC website for potential changes to public health recommendations and mask guidance in their locations. Doug McMillon, the company’s CEO, told corporate staff and managers they must be vaccinated by October 4. “We want to get to a place where we can use our offices and be together safely. It’s important for our business, our culture, our speed, and our innovation,” McMillon said. Publix, another supermarket chain, has also made it mandatory for all employees to wear masks, regardless of their vaccination status. Florida-based retailer The Lakeland is also urging all shoppers to use face coverings, even though they aren’t required to do so in all US counties.
By Julija A. · August 06,2021

Leave your comment

Your email address will not be published.


There are no comments yet