The round was led by Ten Coves Capital along with significant investments from current investors NewView Capital, Pelion Partners, Tenaya Capital, and Ankona Capital. This new funding will be used to further accelerate Canopy's mission to become the default operating system for accounting firms.

Canopy is a cloud-based practice management and tax resolution software. The modern, easy-to-use software cuts out tax practice busywork, improves the client experience, and brings all the different tools a practitioner needs under one roof. Canopy is also known for its free 2-minute IRS Transcripts Tool. Canopy was founded by Kurt Avarell, who walked away from his career as a Wall Street tax attorney to launch Canopy from his basement in 2014.