Foley Equipped
Insights

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).

Disclaimer

AUTHOR(S):
POSTED:
Subscribe to our newsletter
Subscribe

© 2025 Foley & Lardner LLP
Attorney Advertisement
Images of people may not be Foley personnel.

This blog is made available by Foley & Lardner LLP (“Foley” or “the Firm”) for informational purposes only. It is not meant to convey the Firm’s legal position on behalf of any client, nor is it intended to convey specific legal advice. Any opinions expressed in this article do not necessarily reflect the views of Foley & Lardner LLP, its partners, or its clients. Accordingly, do not act upon this information without seeking counsel from a licensed attorney. This blog is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Communicating with Foley through this website by email, blog post, or otherwise, does not create an attorney-client relationship for any legal matter. Therefore, any communication or material you transmit to Foley through this blog, whether by email, blog post or any other manner, will not be treated as confidential or proprietary. The information on this blog is published “AS IS” and is not guaranteed to be complete, accurate, and or up-to-date. Foley makes no representations or warranties of any kind, express or implied, as to the operation or content of the site. Foley expressly disclaims all other guarantees, warranties, conditions and representations of any kind, either express or implied, whether arising under any statute, law, commercial use or otherwise, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Foley or any of its partners, officers, employees, agents or affiliates be liable, directly or indirectly, under any theory of law (contract, tort, negligence or otherwise), to you or anyone else, for any claims, losses or damages, direct, indirect special, incidental, punitive or consequential, resulting from or occasioned by the creation, use of or reliance on this site (including information and other content) or any third party websites or the information, resources or material accessed through any such websites. In some jurisdictions, the contents of this blog may be considered Attorney Advertising. If applicable, please note that prior results do not guarantee a similar outcome.