Goldman Sachs led a $36 million Series C funding round for Canoe Intelligence, a fintech firm specialising in alternative investment data management. The funds will enhance Canoe’s AI and machine learning technologies, improving data accuracy and operational efficiency. Canoe has seen 100% year-over-year growth and supports over 1,000 limited partners.
Canoe Intelligence, the financial technology company specialising in alternative investment data management, has successfully completed a $36 million Series C funding round. The investment was led by Growth Equity at Goldman Sachs Alternatives, with additional participation from existing investors F-Prime Capital and Eight Roads.
This funding round marks a significant moment for Canoe, tripling its valuation since its Series B financing in 2023.
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.
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 capitalise 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.”
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.
The infusion of capital will be strategically utilised to further develop Canoe’s proprietary AI and machine learning technologies. These advancements are aimed at boosting the company’s comprehensive back-to-front office capabilities, improving data accuracy and operational efficiency for alternative investors.
Jason Eiswerth, CEO of Canoe Intelligence, stated, “We eagerly anticipate driving the next phase of Canoe’s evolution in partnership with Goldman Sachs. 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.”
Canoe’s platform leverages AI to automatically collect and categorise alternative investment documents from investor portals and email inboxes. This technology extracts, validates, and delivers clean data to downstream systems, eliminating the need for manual data entry. Annually, Canoe processes over 25 million documents, improving operational efficiency and productivity for its clients.
Since completing its Series B funding round in February 2023, led by F-Prime Capital and joined by Eight Roads, Canoe has achieved 100% year-on-year growth in both clients and revenue. Canoe’s extensive partnerships include four of the top five global asset servicing firms, seven of the top ten global investment consultants, six of the 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, providing the firm with significant scale and market leadership.
Canoe supports the alternative data management needs of over 1,000 limited partners across more than 650,000 commitments and subscriptions to over 42,000 funds, representing one of the most robust fund master databases in the world.