Foley Advises Canopy in $35M Funding Round

Foley & Lardner LLP served as legal adviser to Canopy in its oversubscribed $35 million funding round led by Ten Coves Capital and Ankona Capital, with participation from Pelion Venture Partners, Tenaya Capital, and NewView Capital. The $35 million investment will further advance Canopy’s vision of leveraging AI to exponentially enhance firms’ efficiency.

Founded with the mission of freeing up accountants so they can spend their time helping their clients succeed, Canopy delivers the industry’s first firm-wide operating system. This suite of sophisticated, AI-enabled tools is tailored to power the entire customer lifecycle from proposal to payment, including client engagements, document management, workflow optimization, and time and billing.

Canopy is the firm-wide operating system that helps accountants build the firm they have always wanted. Canopy’s fully integrated practice management solution includes client engagement, document management, workflow, time and billing, engagements and proposals, and more. Canopy’s solutions are SOC2-certified and data-encrypted.

The Foley deal team was led by partner Jeffrey Bowman and included senior counsel Mark Mallery and associate Rossetti Farrell.