Canoe Intelligence, a financial technology company specializing in advanced alternative investments management, has successfully closed its Series C funding round, securing $36 million. The round was led by Growth Equity at Goldman Sachs Alternatives (“Goldman Sachs”), with participation from existing investors F-Prime Capital and Eight Roads. This latest funding milestone marks a significant achievement for Canoe, reflecting a valuation increase of more than threefold since its Series B financing in 2023.
With this infusion of capital, Canoe plans to further enhance its proprietary AI and machine learning technologies. These advancements aim to bolster the company’s comprehensive capabilities from back-office to front-office solutions.
Jason Eiswerth, CEO of Canoe Intelligence, expressed enthusiasm about the company’s growth trajectory, stating, “We eagerly anticipate driving the next phase of Canoe’s evolution in partnership with Goldman Sachs. The success of this funding round underscores our leading market position and future potential. With this additional capital, we will continue to innovate within the alts industry, enhancing our technology, ensuring data integrity, and creating substantial value for our clients.”
Alternative investments now represent a substantial $22 trillion in assets under management globally, highlighting the critical need for advanced technologies to manage investment data and documents effectively. Canoe’s automated infrastructure plays a pivotal role in improving data accuracy, team efficiency, and client satisfaction across its diverse client base. This includes institutional investors, capital allocators, wealth managers, family offices, and asset servicing firms such as Blackstone and Hamilton Lane (Nasdaq: HLNE).
Jade Mandel, Managing Director in Growth Equity at Goldman Sachs Alternatives, emphasized Canoe’s value proposition, stating, “Canoe creates meaningful value for its clients by streamlining and synthesizing data to enhance efficiency and accuracy. With the increasing inflows into alternative investments, Canoe is uniquely positioned to capitalize on this trend. We see significant potential in Canoe and are excited to support their mission to streamline alternative investment data globally.”
Since its Series B funding round in February 2023, led by F-Prime Capital and joined by Eight Roads, Canoe has achieved remarkable growth, with a 100% year-over-year increase in both clients and revenue. The company’s extensive partnerships with leading global firms in asset servicing, investment consulting, fund of funds, endowments, wealth management, and family offices underscore its market leadership and scalability.
Griffith Norville, Head of Technology Solutions at Hamilton Lane, commented on Canoe’s transformative impact, stating, “With Canoe, we have found a leading technology partner that shares our vision for enhancing data transparency and operational efficiencies across private markets. Integrating Canoe into our ecosystem has revolutionized our data management, enhancing data quality and eliminating redundancies. We believe Canoe’s dedication to AI and machine learning sets them apart, and we look forward to advancing our collaboration to further digitize the asset class.”
Canoe’s technology leverages AI and machine learning to automate the collection, categorization, and validation of alternative investment documents from various sources. This streamlined approach significantly reduces reliance on manual data entry and enhances operational efficiency. Annually, Canoe processes over 25 million documents, showcasing its robust scalability and impact on operational productivity.
