Canoe Intelligence Raises $25 Million

• Canoe received $25 million for its alternative investment intelligence platform.
• The Series B round was led by F-Prime Capital with participation from Eight Roads Ventures and others.
• Canoe will use the funds to hire new employees, enhance its products, and expand into Europe.

Alternative investment intelligence company Canoe Intelligence closed out its Series B round today, announcing a $25 million round led by F-Prime Capital with participation from Eight Roads Ventures and others.

“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 company CEO Jason Eiswerth. “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.”

Today’s round follows the company’s Series A rounds, which were announced in 2020 and 2021 and led by The Carlyle Group and Nasdaq Ventures. All previous investment amounts were undisclosed, so Canoe’s total funding is unknown.

Canoe will use the funding to hire new employees, enhance its offerings for enterprise customers, develop new data products, and work on its core platform. The company will also begin a push to expand into European markets. “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,” said Eight Roads Partner Alston Zecha. “Canoe has a significant opportunity to deliver customer value in Europe first where it already has a presence, as well as other regions in [the] future.”

Canoe was founded in 2013 to help alternative investment firms streamline their data management processes. The company’s platform leverages AI and machine learning to automatically collect and categorize documents, extract and validate data, and deliver the sorted data investors need to make more informed investment decisions.

Each year, Canoe processes over six million documents and extracts more than 20 million data points. When compared to a manual approach, Canoe’s AI-based automation results in a 20x increase in the number of funds each employee can process. The New York-based company, which currently supports more than $5 trillion in assets under advisement, grew its client base over 200% in both 2021 and 2022.

Photo by Quentin Groome

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