Goldman Sachs has led a $36 million Series C funding round in Canoe Intelligence, an alternative investment data platform. Existing investors F-Prime Capital and Eight Roads also participated in this round, which has seen Canoe’s valuation increase more than threefold since its $25 million Series B financing in 2023.
Canoe utilizes artificial intelligence and machine learning to automatically collect and categorize alternative investment documents from investor portals and email inboxes. This technology extracts, validates, and delivers clean data to downstream systems, effectively eliminating the need for manual data entry. The company processes over 25 million documents annually for a diverse client base of 325 institutional investors.
Jade Mandel, managing director in Growth Equity at Goldman Sachs Alternatives, stated, “Canoe creates meaningful value for its clients by 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.”
Following the completion of its Series B funding round in February 2023, Canoe has achieved 100% year-over-year growth in both clients and revenue.
Jason Eiswerth, CEO of Canoe Intelligence, remarked, “The success of this funding round is a testament to our leading market position and future potential. With the additional capital, we will continue to advance the alternative investments 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.”