Vancouver’s Canalyst has raised $70 million in a Series C financing round led by Dragoneer Investment Group.
Canalyst combines software with human expertise to create the most accurate and detailed financial and KPI data on global public companies, giving finance professionals access to fundamental data that can be trusted absolutely and at scale.
Today, over 400 of the world’s top investment managers, banks, and corporations use Canalyst models, data, and APIs as an essential part of their workflow.
To meet customer demand, Canalyst expects to double its global headcount this year to further invest in product development and delivery, global expansion, and customer support. Canalyst is headquartered in Vancouver and currently employees 200.
“Canalyst’s data moat is substantial and will continue to compound,” said Christian Jensen, Partner and Co-Head of Private Investments at Dragoneer. “We’re excited to partner with the Canalyst team as they continue to build a remarkable business centered around a product that customers truly love.”
Initially built for public equity managers, Canalyst’s product offering has expanded to serve global investors focused on credit, private equity, and venture capital in addition to investment banks, consultancies, and the corporate market.
Canalyst raised a $20 million Series B financing round two years ago led by an unnamed strategic investor with participation from ScaleUP Ventures and existing investors including Vanedge Capital.
“Everyone in capital markets knows how critical, yet time consuming and error prone, structuring quality financial data is,” said Damir Hot, Canalyst’s CEO and co-founder.
“We’re obsessed with solving that problem, and are proud to have earned the trust of some of the world’s most sophisticated investors, first as clients and now as shareholders. This investment is an important step in our journey toward becoming the new fundamental dataset of record.”