Celebrating Milestones, Growth, and Innovation in 2024: Canoe’s Year in Review

By Jason Eiswerth

Driving Innovation, Excellence, and Growth

At Canoe Intelligence, 2024 was nothing short of extraordinary. As our team looked back on the year, it became extremely clear that our commitment to innovation, client success, and industry leadership propelled us to new heights. This momentum is a testament to the relentless efforts of our team, the loyalty of our clients, and the strength of our partnerships.

Let me take a moment to reflect on the journey we went on together in 2024. A quick glance at the stats:

  • $36 million Series C capital raise. 3x increase in Canoe’s company valuation since Series B.
  • Ever-increasing coverage, including 1,000 LPs, 42,000 funds, 750,000 commitments (150% more YOY), and $8T+ in AUM/AUA across our client base.
  • Processing 50M+ documents and extracting 300M+ data points annually. 
  • Employees from 8 countries and 31 US states.
  • Hundreds of platform enhancements. 4 new Pro Partners. 
  • 150 new clients and counting—30% based in EMEA. 
  • 30% larger Partner Program. 
  • Global clientele expanded to over 400 clients, an increase of 45% YoY.  EMEA brought in 30% of 2024’s net new clients.
  • Global headcount increased by 70% to 180+ employees. 90% headcount increase in EMEA specifically. 3 physical office locations.
  • 17 award (and counting) wins this year. One of 2024’s Best Places to Work.

 

Sustaining Growth

$36 million Series C capital raise. 3x increase in Canoe’s company valuation since our 2023 Series B. I’d be remiss not to begin by mentioning the completion of our $36 million Series C funding, led by Goldman Sachs with participation from F-Prime and Eight Roads. This investment is more than a financial milestone—it’s a validation of the transformative work we’re doing. It allows us to double down on our AI and machine learning initiatives while expanding our global footprint.

Since 2023’s Series B round, Canoe has documented achievements across many of our goals for that fundraise—our accelerated expansion into European markets, growing our team in key functional areas, enhancing our enterprise product offerings, developing new data products, and strengthening our core platform. That we were able to deliver on those goals was also clear from the fast 17-month turnaround between our Series B and Series C as well as the tripling of our company’s valuation. 

Today, we support over 1,000 LPs, 42,000 funds, 750,000 commitments (150% more than in 2023), and $8T+ in AUM/AUA across our client base—numbers that underscore our vital role in the private markets ecosystem. We process 50M+ documents and extract 300M+ data points annually. And, as you’ll see below, those numbers just scratch the surface when it comes to what we’ve already been able to achieve with these investments.

 

Geographic Expansion

90% headcount increase in EMEA. 30% of 2024’s net new clients. After opening our London office in 2023, EMEA became one of Canoe’s major areas of investment and growth in an effort to understand global demands—and the numbers make it clear that it’s paying off. 

As a result of the growth in the EMEA region, we made London an official hub for a number of international initiatives, including machine learning operational excellence as well as our Asian and Middle Eastern business. We were also able to begin exploring the APAC market this year, sponsoring several conferences and signing our first clients in the area. 

And, as of December 2024, Canoe now has three physical locations. We are thrilled to announce the launch of our new office in Jacksonville, Florida. As our headcount continues to grow rapidly, it has become clear that we need to facilitate greater collaboration with the right infrastructure. The Jacksonville office was a natural next step for Canoe—with the city’s existing status as a financial services and information technology hub, we had already been working with a number of employees, clients, and partners in the area. Though the office has only been open for a few weeks, we are very excited about what’s to come in Florida.

As of the end of 2024, Canoe proudly operated in eight countries and 31 US states to support our clients across more than two dozen countries. This distribution of our headcount allows us to bring in much more diversity across many factors—skills, languages, backgrounds, perspectives—and also broader time zone coverage.

 

Innovating for the Future

Hundreds of platform enhancements. Front office expansion. Workflow improvements. 4 new Pro Partners. 2024 also marked the official launch of our portfolio company data management product, Canoe Asset Data, a milestone that redefines asset-level data transparency. After working closely with 13 forward-thinking clients like Prime Buchholz and Lazard Asset Management, the Canoe Data Innovation Hub designed a solution that tackles one of the industry’s toughest challenges: accessing and utilizing granular asset data. For teams like Ohana Advisors, this innovation has transformed how they work, saving an entire week of effort every quarter. Since launching less than a year ago, nearly 25% of our new clients have already adopted Canoe Asset Data.

After launching our expert services integration, Canoe Pro, in late 2023, we welcomed four new Pro Partners to the program this year. Canoe Pro Partners act as an extension of client teams, managing critical tasks like document collection, data validation, exception handling, and platform administration, ensuring clients can focus on strategic priorities. The significant expansion of the program included Alpha Alternatives, Deviate Consulting, Ellevate Consulting, and Prime Buchholz with the goal of expanding Canoe’s ability to deliver customized, end-to-end solutions, empowering clients to streamline workflows, optimize technology ecosystems, and achieve operational efficiencies. 

In addition to these launches, we’ve delivered a host of enhancements to our platform, including the Document Rules Engine, empowering clients to automate repetitive tasks with unparalleled precision, the Activity Summary Email, providing a detailed summary of upcoming transactions over a forward-looking period, and the Connect Summary Dashboard, providing a full view into all of a client’s Canoe Connect allocation connections to GP and admin portals among other sources.

The ability to innovate and launch at this scale in 2024 ties back closely to 2023’s Series B investment. So, you may be wondering: What should I expect from Canoe’s Series C? The short answer is that we are increasing our investment in building our proprietary artificial intelligence and machine learning technology to enhance our product’s capabilities from the back office to the front.

Our approach to product development and innovation is always client-first. Whether a client brings us an idea or collaborates with us directly, we are focused on creating solutions tailored to solve real-world challenges for alternative investors.

 

Welcoming New Clients and Deepening Partnerships

150 new clients and counting—a 50% YOY increase. 30% larger Partner Program. Over 150 new clients joined the Canoe community in 2024, bringing our total client base of institutional investors, capital allocators, wealth managers, asset servicing firms, and family offices to more than 400 strong. From new relationships with leading firms like Gen II, Hollyport Capital, and Prime Quadrant to the expanded firm-wide engagement with Cambridge Associates, these connections are transforming the way organizations manage alternative investment data.

Take Gen II, for example—a collaboration that truly showcases what’s possible when technology meets vision. Together, we’ve modernized the way private equity data is handled, creating unprecedented levels of efficiency and accuracy. Prime Quadrant, a trusted advisor to over 200 families, has revolutionized its workflows by integrating Canoe with Addepar, automating up to 90% of its data processes. And, following two years of successful use within Cambridge Associate’s Private Client Practice, we are now the firm’s sole provider for alts data across the entire firm, and they are rebuilding their internal processes around Canoe. Needless to say, I am extremely proud of the progress our team made with our clients across the board in 2024.

The Canoe Partner Program also had a big year—we welcomed a large collection of new partners to the Canoe Partner Program. New partners included Ellevate, fundcraft, InfoGrate, iPaladin, Oyste, and QPLIX, and collaborations with existing strategic partners like SEI Archway, Conway Investment Solutions, and Fusion by J.P. Morgan grew in meaningful ways as well. Each client and partner relationship reaffirms Canoe’s mission: to enable our clients to shift from operational bottlenecks to strategic impact.

 

Driving Change Globally

180+ employees globally. 3 office locations. None of this would have been possible without the incredible talent behind Canoe. Just recently, we passed the 180-employee mark, a 70% YOY increase from 2023. With many more roles open as we boost our investment in AI and ML programs, all signs point to a 200-strong headcount in the immediate future. 

At the beginning of the year, several visionary leaders joined Canoe—Noel Calhoun as CTO, Tiffany Mosher Taylor as Head of People, and Monique Trimarchi as Head of Operations. Their expertise and passion are already making a profound impact. The timing of these hires could not have been more right. As we seek to sophisticate our AI-powered innovation, client-centric data strategy, and global expansion, these new players are instrumental in Canoe’s ability to do so strategically, effectively, and efficiently.

As a larger team, this also meant investing in and appreciating our people and our communities. What did that look like? Taking time to develop our people professionally while also actively and intentionally celebrating our diversity and shared humanity. Between implementing an official Learning Management System and enacting sophisticated manager training cohorts, personal growth, skill development, and career advancement are more top of mind than ever before. With celebrations of Women’s History Month, PRIDE, AAPI and Hispanic Heritage Months, and beyond, we have taken additional steps to foster a culture of belonging and respect.

And those celebrations extended beyond our employees to our communities as well. Highlights from the year included the opportunities to support God’s Love We Deliver, Memorial Sloan Kettering’s Cycle for Survival, and Canine Companions in NYC; The Headstrong Project: Piping Rock Golf Fundraiser in Locust Valley; the PEVC Cares Art Battle in San Francisco; and WAGS Pet Adoption in SoCal.

 

Building on a Recognized Excellence

17 award wins. One of 2024’s Best Places to Work. Canoe continued to redefine how alternative investment data is managed, solidifying our position as a leader in the industry. In 2024 alone, we were honored with seventeen awards, accentuating that position even further. 

Our recognition across the fintech and wealth management spaces speaks volumes, including Best Institutional Investment Solution by Fintech Breakthrough, Technology Innovation by The Drawdown, Most Innovative Use of AI by the A-Team Group, Provider of the Year: Investments by Funds Europe, Artificial Intelligence (AI) Application (US) at the WealthBriefing WealthTech Americas Awards, and Onboarding at the Family Wealth Report Awards. Canoe is also currently sitting on the shortlists for a number of other programs. To our team, each award is a reminder of the value we deliver to our clients, and our dedication to pioneering new standards in efficiency, transparency, and data management.

In 2024, we also celebrated being named one of BuiltIn’s Best Places to Work. This recognition isn’t just about perks or benefits—it’s about fostering a culture where innovation thrives and every team member feels empowered to make a difference.

 

Looking Ahead

As we enter 2025, our focus remains clear: to drive innovation, empower our clients, and lead the way in alternative investment operations. None of this would be possible without our clients, partners, and team members, who inspire us to push boundaries every day.

We are very much looking forward to revealing more about some projects currently in progress and our roadmap for 2025 soon. Just last month, we hosted a Strategic Outlook Webinar to touch on how we’re shaping a smarter future for alts—I encourage you to watch the recording

I invite you to check out Canoe’s new website, launched in early December. We know there’s great hunger for deeper insights for trends across the alts landscape, and who better to be that resource to you and the alts investment community?

Thank you for being part of this journey. Together, we’re not just shaping the future of alternative investments; we’re building it—smarter.

Warm regards,
Jason Eiswerth
CEO, Canoe Intelligence

Canoe for Wealth Managers Brochure

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