Funds will fuel the company’s strategic
initiatives, global growth, and advancement of its AI-driven
financial technology platform for alternative investors
Canoe Intelligence (“Canoe”), the financial technology company
powering smarter alts management, today announced the completion of
its Series C financing round of $36 million, led by Growth Equity
at Goldman Sachs Alternatives (“Goldman Sachs”) with participation
from existing investors F-Prime Capital and Eight Roads. This
latest round marks a significant milestone for Canoe, representing
a more than 3x increase in company valuation since its Series B
financing in 2023. With the additional capital, Canoe will continue
its investment in building proprietary AI and machine learning
technology to enhance its comprehensive back-to-front office
capabilities.
“We eagerly anticipate driving the next phase of Canoe’s
evolution in partnership with Goldman Sachs,” said Jason Eiswerth,
CEO of Canoe Intelligence. “The success of this funding round is a
testament to our leading market position, as well as our future
potential. With the additional capital, we will continue to advance
the alts industry by building innovative AI and machine learning
technology, delivering comprehensive back-to-front office
solutions, maintaining our commitment to data integrity and, most
importantly, creating value for our clients.”
Alternative investments now represent $22 trillion in assets
under management, or 15% of global assets under management,
highlighting the critical importance of advanced technology for
managing investment documents and data. Through its automated
infrastructure, Canoe drives improvements in data accuracy and
access, team efficiency, and client satisfaction for investors.
Canoe’s platform streamlines data management for a diverse client
base of 325 institutional investors, capital allocators, wealth
managers, family offices and asset servicing firms, including
Blackstone and Hamilton Lane (Nasdaq: HLNE).
Jade Mandel, Managing Director in Growth Equity at Goldman Sachs
Alternatives, said, “Canoe creates meaningful value for its
clients, streamlining and synthesizing data for greater efficiency
and accuracy. As inflows to alternative investments continue to
grow, Canoe is uniquely positioned to capitalize on the trend. We
see significant potential in Canoe and are excited to invest in
their future. We are glad to support their mission to streamline
alternative investment data globally.”
Since the completion of Canoe’s Series B funding round in
February 2023 led by F-Prime Capital and joined by Eight Roads,
Canoe has achieved 100% year-over-year growth in both clients and
revenue. Canoe’s extensive partnerships with four of the top five
global asset servicing firms, seven of the top ten global
investment consultants, six of top ten fund of funds, five of the
top ten endowments, 12 of the top 25 largest independent wealth
managers, and many of the world's largest single-family offices
provide the firm with unique scale and market leadership. Canoe
supports the alternative data management needs of over 1,000 LPs
across more than 650,000 commitments and subscriptions to over
42,000 funds. This represents one of the most robust fund master
databases in the world.
"With Canoe, we have found a leading technology partner that
shares our vision for enhancing data transparency and seeking to
achieve greater operational efficiencies across the private
markets," said Griffith Norville, Head of Technology Solutions at
Hamilton Lane. "Integrating Canoe into our firm’s ecosystem has
transformed our data management processes by streamlining data
entry workflows and eliminating redundancies in an effort to ensure
the highest quality of data for our teams and clients. As both an
investor and user of Canoe’s technology, we believe Canoe's
dedication to developing proprietary AI and machine learning
technology sets them apart in the industry, and we are excited to
continue working together to further digitize the asset class."
Canoe leverages artificial intelligence and machine learning to
automatically collect and categorize alternative investment
documents from investor portals and email inboxes. The technology
then extracts, validates, and delivers clean data to downstream
systems, eliminating the need for manual data entry. Annually,
Canoe processes more than 25M documents, showcasing scalability,
breadth and depth. For clients, this results in a 20-fold increase
in the number of funds processed per employee, compared to their
previous manual processes, highlighting the impact of Canoe’s
technology on operational efficiency and productivity.
About Canoe Intelligence
Canoe Intelligence (“Canoe”) is a financial technology company
dedicated to advancing alternative investment intelligence for
institutional investors, capital allocators, wealth managers, and
asset servicing firms. Canoe empowers clients with technology,
data, and insights to manage alternative assets more efficiently,
accurately, and confidently. With a commitment to innovation and
excellence, Canoe is redefining the future of alternative
investment data management.
About Growth Equity at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in
alternatives globally, with over $450 billion in assets and more
than 30 years of experience. The business invests in the full
spectrum of alternatives including private equity, growth equity,
private credit, real estate, infrastructure, hedge funds and
sustainability. Clients access these solutions through direct
strategies, customized partnerships, and open-architecture
programs.
The business is driven by a focus on partnership and shared
success with its clients, seeking to deliver long-term investment
performance drawing on its global network and deep expertise across
industries and markets.
The alternative investments platform is part of Goldman Sachs
Asset Management, which delivers investment and advisory services
across public and private markets for the world’s leading
institutions, financial advisors and individuals. Goldman Sachs has
over $2.8 trillion in assets under supervision globally as of March
31, 2024.
Since 2003, Growth Equity at Goldman Sachs Alternatives has
invested over $13 billion in companies led by visionary founders
and CEOs. The team focuses on investments in growth stage and
technology-driven companies spanning multiple industries, including
enterprise technology, financial technology, consumer and
healthcare. Follow us on LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20240709626710/en/
For Goldman Sachs Asset Management
Victoria Zarella, GS victoria.zarella@gs.com
Patrick Lenihan, Gravity Strategic Partners
patrick@gravitystrat.com
For Canoe Intelligence
Betsy Miller Daitch, Canoe Intelligence
bdaitch@canoeintelligence.com