Canoe Intelligence, a Fintech firm that aims to transform data management processes for alternative investors, wealth management platforms, fund servicers, and capital allocators, reveals that it has finalized an oversubscribed extension of its Series A round.
Canoe’s investment round was led by Blackstone Innovations Investments and Carlyle, along with contributions from existing investor Hamilton Lane.
Since becoming Canoe customers, Blackstone and Carlyle have reported considerable efficiency gains in automating their investment workflows, especially those related to document collection, data extraction and normalization, and data delivery into internal and external reporting systems.
Both companies will now be leading Canoe’s Series A round and plan to further support Canoe’s strategic objectives as well as the industry-wide adoption of automated tech.
Canoe had finalized its initial Series A back in February 2020 which included contributions from several different participants, many of whom are business partners and advisors. They reportedly include Hamilton Lane, Nasdaq Ventures, and various other alternative investment providers.
With this capital injection, Canoe intends to accelerate the product development of its platform that brings greater efficiency to data management used for alternative investment analysis, accounting, and reporting.
The firm intends to further expand its product suite in order to offer new tools, functionality, and reporting functionality and plans to continue making alternative investment data accessible to customers in ways that provide better value and bottom-line impact.
Canoe also expects to expand its business operations globally, and grow its leadership team with product, development, machine learning, and data science professionals.
Jason Eiswerth, CEO at Canoe Intelligence, stated:
“We are fortunate to be partnering with some of the most prominent investors in the industry. With the support of Blackstone and Carlyle, we will continue to help asset managers, advisors, asset servicers, and allocators around the world streamline their operations, improve alternative investment data processing, and scale their businesses. The additional capital will ensure we continue to exceed our clients’ expectations with products and services that are second to none.”
Following Canoe’s commercial launch back in 2018, the firm has formed relationships with leading fund managers, service providers, family offices, and allocators. Recently, it teamed up with State Street.
Canoe’s tech has helped these firms with maximizing the overall value of their data while being able to focus more on investment decision-making, customer service and other value-adds.
John Fitzpatrick, MD and CTO at Alternative Asset Management Technology at Blackstone, remarked:
“Since becoming Canoe clients, our team immediately experienced new efficiencies in our post-investment workflows from reducing latency in reporting, to populating our internal systems and investment book of record with the most relevant data. We have been highly impressed by Canoe’s technology through our first-hand experience and are thrilled to invest in Canoe’s future.”
Eric Hanno, Partner and Co-head of AlpInvest’s Primary Investment Team at Carlyle, added:
“Carlyle has been investing in emerging technology providers that increase efficiency and allow us to harness our significant information advantage. Our partnership with Canoe is an important part of this effort, as it automates back office documentation processes and data extraction, reducing manual tasks and allowing our team to focus on higher value-add work. We are very excited to support Canoe and to work closely with them on future product development.”
Carlyle is implementing this tech at AlpInvest, a private equity fund manager within Carlyle’s Investment Solutions unit.
Established in 2013 within Portage Partners, Canoe aims to enhance business operations. It was spun out in 2017 with funding from various investors, clients, and advisors.