Foley Represents Canopy in $70M Series C Financing to Accelerate AI Innovation

Foley & Lardner LLP represented Canopy, a firmwide operating system for accounting firms, in its $70 million Series C funding round. The round was led by Viking Global Investors, with continued participation from existing investors Ten Coves Capital, Ankona Capital, Pelion Venture Partners, and Tenaya Capital.

This latest funding, following a $35 million round in May 2024, will support Canopy’s ongoing investment in its platform, with a focus on leveraging AI to make medium and large accounting firms more efficient and profitable. The company will also be evaluating opportunities to grow through acquisitions.

Canopy’s fully integrated practice management solution helps firms manage everything from proposal to payment, including client engagement, document management, workflow, time and billing, and more. Today, over 4,000 accounting firms rely on Canopy’s SOC 2-certified, data-encrypted platform.

The Foley deal team was led by Jeffrey Bowman and included Mark Mallery, and Troy Fossett, with support from Benjamin Rikkers, Lyman Thai, and Patrick Daugherty (Corporate/Transactions), Alan Pate and Sarah Waste (Intellectual Property), Raj Tanden, Timothy Voigtman, and Cullen Werwie (Tax), Casey Knapp (Employee Benefits), and Christopher Swift (International Trade).