Canoe Intelligence, which provides alternative investment intelligence, has secured $25m in its Series B funding round.
The investment round was led by F-Prime Capital with contributions also coming from Eight Roads Ventures and other unnamed strategic investors.
With the funds, Canoe hopes to bolster its expansion into European markets, hire more staff, enhance its product offerings, develop new data products and bolster its core platform.
Canoe offers alternative investment firms the ability to streamline their data management processes. This means they can reduce the time and costs associated with collecting and reconciling documents, and enabling them to act on the information they need to make more informed investment decisions.
The platform leverages AI and machine learning technology to automatically collect and categorise documents from investor portals and email inboxes. It can also extract, validate and deliver clean data to downstream systems, removing the need for manual data entry.
Its services are used by institutional investors, capital allocators, wealth managers and asset servicing firms. The company grew its client base by over 200% in 2021 and maintained the pace in 2022, it said.
F-Prime Capital managing partner David Jegen said, “Alternative investments, such as private equity, hedge funds, and real estate, have become essential for investors seeking higher returns and diversification. However, managing the data associated with these investments is challenging for asset managers and institutional investors.
“Canoe has significantly improved the way firms manage alternative investment data. Not only has it greatly increased efficiency, but it has also improved the accuracy and completeness of alternative investment data. Canoe is ideally positioned to address the need for investment infrastructure and become an industry standard.”
It has over 250 upstream and downstream connections and boasts a 20,000 fund master database. Annually, it processes over six million documents, extracting 20 million data points, which it claims represents a 20x increase in the number of funds processed by each employee.
In other WealthTech news, alternative investment startup Darksquare raised £260,000 ahead of its beta launch. The company offers access to unique investment opportunities which are typically left for hedge funds or the ultra-wealthy.
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