Canopy Raises $30M


Canopy is on a roll — not only are they resolving tax issues, they’ve found time to raise large money stacks of their own. I’m greatly impressed by this, every time I do taxes I sink into a numbers funk that lasts six months and inhibits my ability to use money, think, feel, and love. Canopy is the opposite, the more taxes they help out with the more their powers increase. When a certain threshold is met, money pours from the heavens and all Canopy employees run around gathering wide armfuls, burying loads of crisp dollar bills beneath the desk of Kurt Avarell.

Today money has poured from the heavens. Canopy is the benficiary with the announcement of a new $30 million funding round led by New Enterprise Associates (NEA). Other participating investors include Wells Fargo Strategic Capital, Pelion Ventures, University Growth Fund, and EPIC Ventures.

Here’s Chetan Puttagunta, General Partner at NEA:

There is an increasing amount of energy aimed at helping the tax industry automate a cumbersome and complex process for individuals and accounting practitioners alike. And rightfully so — the need for better technology solutions is pervasive. Canopy has succeeded at building not only a solution that accurately and efficiently addresses the pain points in this industry, but also an agile team of experts, intimately familiar with these challenges — which is why we are thrilled to partner with the company through its continued growth.

Like I said at the top, Canopy is on a roll: $2 million seed round in 2014, $8 million Series A in 2015, $20 million Series B in 2017, and today’s $30 million addition. Congrats to Canopy, congrats to you for reading this, congrats to me for writing this, congrats to everyone around us existing in a world where Canopy has raised $60 million total in capital. Congrats, people.


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