Canopy, a cloud-based platform for tax professionals, has scored $13m in a funding round made up of both debt and equity.
This capital injection was led by NewView Capital, Pelion Venture Partners and Tenaya Capital. The round comprised of $8m in equity and $5m in debt.
Additionally, the startup has also named Davis Bell as its new CEO, who will take over from Canopy founder Kurt Avarell. Prior to this role, Bell served as the head of the Utah office for activity booking site Peek.com, where he led the customer onboarding, customer success, product support, HR and company culture functions.
Canopy, which was founded in 2014, offers a cloud-based tax software solution. Tax professionals can use the solution to manage their practice, contracts, documents, workflow and more.
Pelion partner Chad Packard said, “The demands on accountants are more pressing and are evolving more rapidly than ever before, and technology will play a critical role in this dynamic.
“As digital transformation takes hold in accounting, Canopy is well positioned to lead this charge. We are excited to have Davis on board and will continue to collaborate with Canopy’s leadership and board in this mission.”
With this new round, the company has raised a total of $85m in funding. Last year, the tax startup closed a $42m funding round from investors including New Enterprise Associates (NEA), Wells Fargo, Pelion and EPIC Ventures.
Copyright © 2019 FinTech Global
