Tax software Canopy closes new round with $20m

Tax professionals’ software-maker Canopy has secured $20m in new round of funding led by Pelion Venture Partners.

Existing backers New Enterprise Associates (NEA), Epic Ventures and Deep Fork Capital also participated in the Series B round.

Straddling the line between FinTech and RegTech the Utah-based company develops software for certified public accountants, enrolled agents and tax attorneys to organise and streamline work and grow their practises.

Canopy’s features are deigned to support a range of needs including tax analytics, online invoicing and internal revenue services.

The firm operates on a SaaS basis and claims more than 1,000 users paying for access.

Company founder and CEO Kurt Avarell said: “Our vision is that tax professionals will be able to focus their time and energy on consulting their clients, rather than the repetitive busywork they are typically buried in.”

The new round takes Canopy’s total funding to $30m and will be used to further accelerate growth and develop additional products.

“This funding makes it possible for us to tackle some of tax professionals’ biggest pain points, and for their clients to get the experience they’re looking for when they turn to a professional for help with their taxes,” said Avarell.

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