Canoe Intelligence Raises $25M Series B Funding to Transform the Alternative Investment Data Ecosystem
NEW YORK, February 8, 2023 – Canoe Intelligence (“Canoe”), the financial technology company powering alternative investment intelligence for institutional investors, capital allocators, wealth managers, and asset servicing firms, today announced the completion of its $25M Series B financing round. The round was led by F-Prime Capital with participation from Eight Roads Ventures and other strategic investors. This funding will be used to accelerate expansion into European markets, grow the team in key functional areas, enhance enterprise product offerings, develop new data products, and continue to strengthen Canoe’s core platform.
Canoe’s platform helps alternative investment firms streamline their data management processes, reducing the time and costs associated with collecting and reconciling documents and enabling them to act on the information they need to make more informed investment decisions. The platform leverages artificial intelligence and machine learning to automatically collect and categorize documents from investor portals and email inboxes, and to extract, validate and deliver clean data to downstream systems, eliminating the need for manual data entry.
“Following a year of significant growth and progress for Canoe, we are thrilled to partner with F-Prime and Eight Roads to advance Canoe’s capabilities for the alternative investment ecosystem,” said Jason Eiswerth, CEO of Canoe Intelligence. “As alternative investments continue to gain popularity amongst institutional and individual investors, the new injection of capital will allow us to further serve our customer base and streamline alternative investment data globally.”
Investments in alternative asset classes have grown from $4.6 trillion to $13.3T over the past decade and are expected to grow to $23T+ by 2026 globally. As the asset class grows, a standardized technology for managing alternative investment documents and data is necessary for optimized investment decision-making.
“Alternative investments, such as private equity, hedge funds, and real estate, have become essential for investors seeking higher returns and diversification. However, managing the data associated with these investments is challenging for asset managers and institutional investors,” said David Jegen, Managing Partner at F-Prime Capital. “Canoe has significantly improved the way firms manage alternative investment data. Not only has it greatly increased efficiency, but it has also improved the accuracy and completeness of alternative investment data. Canoe is ideally positioned to address the need for investment infrastructure and become an industry standard.”
Through its automated infrastructure, Canoe drives dramatic improvements in data accuracy and access, team efficiency, and client satisfaction. The platform has over 250 upstream and downstream connections to facilitate streamlined document collection, extraction of data points into Canoe, and data delivery to reporting and analytics workflows. Additionally, Canoe’s platform boasts a 20,000+ fund master database. Annually, Canoe processes over 6M documents, extracting over 20M data points, resulting in a 20x increase in the number of funds processed by each employee.
“Canoe’s platform has rapidly become a crucial solution for the alternative investment industry in North America, with a proven track record of impressive customer results. The EMEA alternative investment industry is nearly the same size as North America and its data challenges are identical, yet today there is no comparable local solution. Canoe has a significant opportunity to deliver customer value in Europe first where it already has a presence, as well as other regions in future,” said Alston Zecha, Partner at Eight Roads.
Canoe’s platform has become a crucial solution for the alternative investment industry. Its global client base grew over 200% in 2021 and has continued that pace into 2022. Canoe supports over $5T in assets under advisement.
About Canoe Intelligence
Canoe Intelligence redefines alternative investment data processes for leading institutional investors, capital allocators, asset servicing firms and wealth managers. By combining industry expertise with the most sophisticated data capture technologies, Canoe’s technology automates the highly-frustrating, time-consuming, and costly manual workflows related to alternative investment document and data management, extraction and delivery. Over 200 companies like Blackstone, Carlyle, State Street, SEI, and Hamilton Lane leverage Canoe to refocus capital and human resources on business performance and growth, increase efficiency, and gain deeper access to their data. For more information, visit www.canoeintelligence.com
About F-Prime Capital
F-Prime Capital is a global venture capital firm investing in healthcare and technology. For the past 50 years, our independent venture capital group has had the privilege of backing great entrepreneurs building groundbreaking companies.
With over two billion dollars under management and a global portfolio of more than 160 companies, we champion those dedicated to creating positive change in the world. In healthcare, we focus on therapeutics, medtech, and health IT & services in a stage-agnostic fashion. In technology, we focus on enterprise software, fintech and frontier tech; while we’re early-stage investors by choice, we’ll back exceptional teams at any stage. Our team of investors, engineers, doctors, and scientists is committed to bringing the insight, domain expertise, and relationships required to help our companies make a transformational impact.
F-Prime is headquartered in Cambridge, MA, with offices in London, UK and San Francisco, CA. For more information, please visit fprimecapital.com and follow us on Twitter and LinkedIn.
About Eight Roads Ventures
Eight Roads Ventures is a global venture capital firm managing $11bn of assets across offices in the UK, China, India, Japan, and the US. Our 50-year history of investing includes partnerships with over 300 companies such as Alibaba, AppsFlyer, Compte-Nickel, Chewy, Fareye, Fever, Fireblocks, Funnel.io, Gloat, Hibob, Icertis, Neo4j, Otrium, Owkin, Paidy, PingPong, Spendesk, Tibber, Wallapop and Xoom.
Betsy Miller Daitch