Canopy announces Davis Bell as its new CEO and raises $13M
Canopy (US) , the cloud-based practice management platform for tax professionals, announced seasoned Silicon Slopes technology executive Davis Bell as its new CEO, succeeding founder Kurt Avarell who served in the role since 2014. It also announced a $13 million investment, led by NewView Capital, Pelion Venture Partners and Tenaya Capital. The round, comprised of $8 million in funding and $5 million in debt financing, brings Canopy’s total funding raised to date to $85 million.
Bell’s arrival comes in tandem with a refined product vision, led by Larry Furr who joined as Canopy’s vice president of product earlier this year. After listening to the needs of its thousands of customers across the country, the company is focusing on its Practice Management and Tax Resolution solutions, which will entail moving its Tax Prep solution to private beta, for public release in the near future.
“I am thrilled to join Canopy, instantly attracted to its mission, its team and its solution set. I have focused my career on successfully scaling great companies and have already dug in with the team. We are energized by our expanded leadership bench and refined product vision and are thrilled that our investors continue to support us as we transform the work of accountants across the country every day with digital solutions that empower them to work smarter.” – Davis Bell.
“The demands on accountants are more pressing and are evolving more rapidly than ever before, and technology will play a critical role in this dynamic. As digital transformation takes hold in accounting, Canopy is well-positioned to lead this charge. We are excited to have Davis on board and will continue to collaborate with Canopy’s leadership and board in this mission.” – Chad Packard, partner, Pelion.
Founded in 2014, Canopy’s employee base declined by around 40% since December 2018, going from ~290 employees to ~174 according to LinkedIn. And according to one recent Glassdoor review, the company didn’t raise enough money.
