This story appears in the July 2025 issue of Utah Business. Subscribe.
When we first invested in Canopy, we recognized a rare opportunity to disrupt an industry ripe for innovation. The accounting software market, valued at $145 billion annually and growing at 3 percent each year, has long been dominated by a handful of legacy providers with stagnant products, many still offering client-based software in today’s cloud-first world. With over 90,000 accounting firms in the United States alone seeking modern solutions, we saw tremendous potential for a company that could bring fresh thinking to this space.
Our investment thesis was straightforward: a cloud-based, user-friendly platform that prioritized compatibility and delightful experiences could capture significant market share from entrenched competitors whose products felt increasingly outdated. What ultimately convinced us to invest was Canopy’s singular focus on simplifying tax practice management through intuitive workflows, automation and client collaboration features. While other platforms appeared cobbled together or dated, Canopy offered a clean, user-friendly interface designed for actual tax professionals and not just IT departments or back-office operators.
Unlocking new possibilities
Perhaps the most exciting chapter in our Canopy investment story is unfolding now. The emergence of advanced artificial intelligence has created opportunities that would have been impossible to imagine when we first invested. Today, we’re embedding AI throughout all of Canopy’s products and developing entirely new offerings that leverage automation to eliminate repetitive tasks.
These AI-powered features — including automated document requests, streamlined e-signatures and proactive status updates — are freeing accounting professionals from administrative burdens and allowing them to focus on higher-value advisory work. For our customers, the time savings alone have delivered meaningful returns on their investment in Canopy.
A $70 million milestone
Canopy recently announced a $70 million financing round led by Viking Global, which is a significant validation of what we’ve built together. However, as investors who have been with the company from earlier stages, we recognize that funding rounds are never the ultimate goal. They are simply chapters in a longer story of company building and value creation. The journey continues, and we couldn’t be more excited about what the next five years hold for Canopy. The company is well-positioned to further revolutionize how accounting firms operate.
As Utah investors, we take particular pride in supporting homegrown innovation that addresses global markets. Canopy exemplifies the kind of company we love to back — one that combines technological innovation with market insight to solve real problems for businesses across the country.
