# Canopy Tax

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/canopy-tax

- Industry: Software
- Headquarters: South Jordan, US
- Website: www.getcanopy.com
- Total disclosed funding: $182M
- Latest round: Series C (Apr 10, 2025)
- Investors on record: 12

## About

Based in Utah, US, and founded in 2014 by Kurt Avarell JD, Canopy Tax, Inc. operates as a provider of an accounting practice management software platform that offers client management, document management, and billing solutions to CPAs and bookkeeping firms. In April 2025, Canopy Tax, Inc. raised USD 70 million in series C funding led by new investor Viking Global Investors, with participation from returning investors Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital. As of 2024, the company is led by its CEO, Davis Bell. The company provides an accounting practice management platform that offers workflow, billing, and document management solutions. The platform's services include client engagement, document management, workflow optimization, and time and billing management. Moreover, the firm offers solutions such as engagement proposals, tax resolution, and transcript tools. Additionally, the company also provides services such as client portals, integrated eSignatures, and secure links. The company generates its revenue from subscriptions to its platform packages, including Client Engagement, priced at USD 0 per month for up to 250 clients. Additional packages include Document Management at USD 40 per user per month, Workflow at USD 35 per user per month, and Time and Billing at USD 25 per user per month. The company will use the April 2025 funding to enhance its artificial intelligence capabilities within its platform.

## Funding rounds

- Series C, Apr 10, 2025, $36M — Pelion Venture Partners, Viking Global Investors, Tenaya Capital, Ankona Capital, Ten Coves Capital
- Series B, Apr 25, 2024, $20M — Pelion Venture Partners, Tenaya Capital, Ankona Capital, NewView Capital, Ten Coves Capital
- Series B, Nov 19, 2021, $37M — Pelion Venture Partners, Tenaya Capital, Ankona Capital, NewView Capital, Ten Coves Capital
- Series A, Mar 17, 2021, $17M — Pelion Venture Partners, Tenaya Capital, Ankona Capital, NewView Capital
- Series C, May 17, 2018, $14M — Tenaya Capital, Nyca
- Series C, Mar 16, 2018, $28M — New Enterprise Associates, EPIC Ventures, Pelion Venture Partners, Wells Fargo Strategic Capital, University Growth Fund
- Series B, Mar 10, 2017, $20M — New Enterprise Associates, EPIC Ventures, Pelion Venture Partners, Deep Fork Capital
- Series A, Jun 23, 2015, $8M — New Enterprise Associates, EPIC Ventures, Deep Fork Capital
- Seed, Jul 23, 2014, $2M — New Enterprise Associates, EPIC Ventures, Deep Fork Capital

## Investors

- New Enterprise Associates (https://capitalatlas.ai/funds/new-enterprise-associates) — Seed, Series A, Series B, Series C
- EPIC Ventures (https://capitalatlas.ai/funds/epic-ventures) — Seed, Series A, Series B, Series C
- Deep Fork Capital (https://capitalatlas.ai/funds/deep-fork-capital) — Seed, Series A, Series B
- Pelion Venture Partners (https://capitalatlas.ai/funds/pelion-venture-partners) — Series B, Series C, Series A
- Wells Fargo Strategic Capital — Series C
- University Growth Fund (https://capitalatlas.ai/funds/university-growth-fund) — Series C
- Tenaya Capital (https://capitalatlas.ai/funds/tenaya-capital) — Series C, Series A, Series B
- Nyca (https://capitalatlas.ai/funds/nyca) — Series C
- Ankona Capital (https://capitalatlas.ai/funds/ankona-capital) — Series A, Series B, Series C
- NewView Capital (https://capitalatlas.ai/funds/newview-capital) — Series A, Series B
- Ten Coves Capital (https://capitalatlas.ai/funds/ten-coves-capital) — Series B, Series C
- Viking Global Investors (https://capitalatlas.ai/funds/viking-global-investors) — Series C